|   |
|--------|

| o | REGISTRATION      STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT      OF 1934 |
|---|----------------------------------------------------------------------------------------------------------|

| x | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|------------------------------------------------------------------------------------------------|

| o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|----------------------------------------------------------------------------------------------------|

| o | SHELL      COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT OF 1934 |
|---|-------------------------------------------------------------------------------------------------------|

----

----

----

----

| Title of each class                                                                                                                                                        |   | Name of each exchange on which      registered |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|
| American      Depositary Shares,evidenced      by American DepositaryReceipts,      each representing1      (one) Common ShareCommon      Shares, no par value*            |   | New      York Stock Exchange                   |
| American      Depositary Shares,evidenced      by American DepositaryReceipts, each      representing1      (one) Preferred SharePreferred      Shares, no par value* |   | New      York Stock Exchange                   |

| * | Not for trading, but in      connection with the registration of American Depositary Shares, pursuant      to the requirements of the Securities and Exchange      Commission. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Title of each class                                                                                                                                          |   | Name of each exchange on which      registered |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|
| R$300,000,000      9.500% Notes due 2017of Ambev International Finance Co.      Ltd.guaranteed by Companhia de Bebidas das Américas - AmBev             |   | Not      Applicable                            |
| Guaranty      of the R$300,000,000 9.500% Notes      due 2017 of Ambev International Finance Co. Ltd. by      Companhia de Bebidas das Américas - AmBev |   | Not      Applicable                            |

----

o Yes   x No

| Large      accelerated filer x | Accelerated      filer o | Non-accelerated      filer o |
|--------------------------------|--------------------------|------------------------------|

| U.S.      GAAP o | International      Financial Reporting Standards as issuedby      the International Accounting Standards Board x | Other      o |
|------------------|------------------------------------------------------------------------------------------------------------------|--------------|

----

----

|                                                                       |                                                                                   | Page   |
|----------------------------------------------------------------------------|----------------------------------------------------------------------------------------|--------|
| INTRODUCTION                                                               |                                                                                   | ii     |
| PRESENTATION      OF FINANCIAL INFORMATION                                 |                                                                                   | ii     |
| CURRENCY      TRANSLATION                                                  |                                                                                   | ii     |
| TRADEMARKS                                                                 |                                                                                   | ii     |
| CAUTIONARY      STATEMENT REGARDING  FORWARD-LOOKING INFORMATION |                                                                                   | ii     |
| ITEM 1.                                                               | IDENTITY      OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                             |   | 1 |
| ITEM 2.                                                               | OFFER      STATISTICS AND EXPECTED TIMETABLE                                           |   | 2 |
| ITEM 3.                                                               | KEY      INFORMATION                                                                   |   | 3 |
| ITEM 4.                                                               | INFORMATION      ON THE COMPANY                                                        |   | 24 |
| ITEM 5.                                                               | OPERATING      AND FINANCIAL REVIEW AND PROSPECTS                                      |   | 45 |
| ITEM 6.                                                               | DIRECTORS,      SENIOR MANAGEMENT AND EMPLOYEES                                        |   | 68 |
| ITEM 7.                                                               | MAJOR      SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                                 |   | 82 |
| ITEM 8.                                                               | FINANCIAL      INFORMATION                                                             |   | 90 |
| ITEM 9.                                                               | THE      OFFER AND LISTING                                                             |   | 98 |
| ITEM 10.                                                              | ADDITIONAL      INFORMATION                                                            |   | 104 |
| ITEM 11.                                                              | QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                        |   | 125 |
| ITEM 12.                                                              | DESCRIPTION      OF SECURITIES OTHER THAN EQUITY SECURITIES                            |   | 131 |
| ITEM 13.                                                              | DEFAULT,      DIVIDENDS ARREARAGES AND DELINQUENCIES                                   |   | 132 |
| ITEM 14.                                                              | MATERIAL      MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF      PROCEEDS |   | 133 |
| ITEM 15.                                                              | CONTROLS      AND PROCEDURES                                                           |   | 134 |
| ITEM 16A.                                                             | AUDIT      COMMITTEE FINANCIAL EXPERT                                                  |   | 136 |
| ITEM 16B.                                                             | CODE      OF BUSINESS CONDUCT                                                          |   | 137 |
| ITEM 16C.                                                   | PRINCIPAL      ACCOUNTANT FEES AND SERVICES                                            |   | 138 |
| ITEM 16D.                                                   | EXEMPTIONS      FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                        |   | 139 |
| ITEM 16E.                                                   | PURCHASES      OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED    PURCHASERS         |   | 140 |
| ITEM 16F.                                                   | CHANGE      IN REGISTRANT’S CERTIFYING ACCOUNTANT                                |   | 142 |
| ITEM 16G.                                                   | CORPORATE      GOVERNANCE                                                              |   | 143 |
| ITEM 17.                                                    | FINANCIAL      STATEMENTS                                                              |   | F-1 |
| ITEM 18.                                                              | FINANCIAL      STATEMENTS                                                              |   | 144 |
| ITEM 19.                                                              | EXHIBITS                                                                               |   | 145 |

----

----

|   | ▪ | greater      than expected costs (including taxes) and  expenses; |
|--------|---------|-------------------------------------------------------------------|

|   | ▪ | the      risk of unexpected consequences resulting from    acquisitions; |
|--------|---------|--------------------------------------------------------------------------|

|   | ▪ | our      expectations with respect to expansion, projected asset divestitures,      premium growth, accretion to reported earnings, working capital      improvements and investment income or cash flow    projections; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | lower      than expected revenue; |
|--------|---------|-----------------------------------|

|   | ▪ | greater      than expected customer losses and business  disruptions; |
|--------|---------|-----------------------------------------------------------------------|

|   | ▪ | limitations      on our ability to contain costs andexpenses; |
|--------|---------|---------------------------------------------------------------|

|   | ▪ | local,      regional, national and international economic conditions, including the      risks of a global recession or a recession in one or more of our key      markets, and the impact they may have on us and our customers and our      assessment of that impact; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | the      monetary and interest rate policies of central  banks; |
|--------|---------|-----------------------------------------------------------------|

|   | ▪ | continued      availability of financing; |
|--------|---------|-------------------------------------------|

|   | ▪ | market      risks, such as interest rate risk, foreign exchange rate risk, commodity      risk, asset price risk, equity market risk, inflation or      deflation; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | our      ability to continue to introduce competitive new products and services on      a timely, cost-effective basis; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | the      effects of competition and consolidation in the markets in which we      operate, which may be influenced by regulation, deregulation or      enforcement policies; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | changes      in pricing environments and volatility in commodity  prices; |
|--------|---------|---------------------------------------------------------------------------|

|   | ▪ | regional      or general changes in assetvaluations; |
|--------|---------|------------------------------------------------------|

|   | ▪ | tax      consequences of restructuring; |
|--------|---------|-----------------------------------------|

|   | ▪ | changes      in consumer spending; |
|--------|---------|------------------------------------|

|   | ▪ | the      outcome of pending and future litigation and governmental      proceedings; |
|--------|---------|--------------------------------------------------------------------------------------|

|   | ▪ | changes      in government policies; |
|--------|---------|--------------------------------------|

|   | ▪ | changes      in applicable laws, regulations and taxes in jurisdictions in which we      operate including the laws and regulations governing our operations, as      well as actions or decisions of courts and  regulators; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | natural      and other disasters; |
|--------|---------|-----------------------------------|

|   | ▪ | any      inability to economically hedge certainrisks; |
|--------|---------|--------------------------------------------------------|

|   | ▪ | inadequate      impairment provisions and lossreserves; |
|--------|---------|---------------------------------------------------------|

|   | ▪ | technological      changes; |
|--------|---------|-----------------------------|

|   | ▪ | our      success in managing the risks involved in the  foregoing. |
|--------|---------|--------------------------------------------------------------------|

|   | ▪ | Governmental      intervention, resulting in changes to the economic, tax or regulatory      environment in Brazil or other countries in which we    operate; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | the      declaration or payment of dividends;and |
|--------|---------|--------------------------------------------------|

|   | ▪ | the      utilization of AmBev’s subsidiaries’ income tax losses carry      forward. |
|--------|---------|-------------------------------------------------------------------------------------------------|

----

| ITEM 1. | IDENTITY      OF DIRECTORS, SENIOR MANAGEMENT ANDADVISERS |
|--------------|-----------------------------------------------------------|

----

| ITEM 2. | OFFER      STATISTICS AND EXPECTED TIMETABLE |
|--------------|----------------------------------------------|

----

| ITEM 3. | KEY      INFORMATION |
|--------------|----------------------|

| A. | Selected      Financial Data |
|----|------------------------------|

| B. | Statement      of Operations Data |
|----|-----------------------------------|

|                                  |   | Year ended December 31,  |     |
|---------------------------------------|--------|----------------------------------------------|----------|
|                             |   | 2009                                         |     |   | 2008 |   |   | 2007 |   |
|                             |   | (R$ in millions)                   |     |
| IFRS      Income Statement            |   |                                         |     |   |   |   |
| Net      sales                        |   |                                         | 23,194.0 |   |   |   | 20,713.2 |   |   |   | 19,579.5 |   |
| Cost      of sales                    |   |                                         | (7,731.9 | ) |   |   | (7,217.6 | ) |   |   | (6,599.2 | ) |
| Gross      profit                     |   |                                         | 15,462.1 |   |   |   | 13,495.5 |   |   |   | 12,980.4 |   |
| Sales      and marketing expenses     |   |                                         | (5,542.0 | ) |   |   | (4,956.3 | ) |   |   | (4,609.1 | ) |
| Administrative      expenses(1)       |   |                                         | (1,478.1 | ) |   |   | (1,037.0 | ) |   |   | (1,012.9 | ) |
| Other      operating income/(expense) |   |                                         | 539.3    |   |   |   | 383.5 |   |   |   | 306.8 |   |
| Special      items                    |   |                                         | 196.6    |   |   |   | (59.2 | ) |   |   | 72.5 |   |
| Income      from operations           |   |                                         | 9,177.9  |   |   |   | 7,826.5 |   |   |   | 7,737.8 |   |
| Net      finance expense              |   |                                         | (982.1   | ) |   |   | (1,190.8 | ) |   |   | (1,163.1 | ) |
| Income      tax expense               |   |                                         | (2,208.1 | ) |   |   | (1,447.2 | ) |   |   | (1,510.1 | ) |
| Share      of results of associates   |   |                                         | 0.7      |   |   |   | 2.3 |   |   |   | 4.2 |   |
| Net      Income                       |   |                                         | 5,988.4  |   |   |   | 5,190.9 |   |   |   | 5,068.8 |   |
| Attributable      to:                 |   |                                         |     |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev          |   |                                         | 5,986.1  |   |   |   | 5,119.1 |   |   |   | 5,003.4 |   |
| Minority      interest                |   |                                         | 2.3      |   |   |   | 71.8 |   |   |   | 65.4 |   |

----

|                                                                                                                       |   | Year ended December 31, |    |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|
|                                                                                                                  |   | 2009                                   |    |   | 2008 |   |   | 2007 |   |
|                                                                                                                  |   | (R$, except for              |    |
|                                                                                                                  |   | number of shares)            |    |
| IFRS                                                                                                                       |   |                                   |    |   |   |   |   |   |   |
| Earnings      per share and per ADS                                                                                        |   |                                   |    |   |   |   |   |   |   |
| -      Basic                                                                                                               |   |                                   |    |   |   |   |   |   |   |
| Common      shares                                                                                                         |   |                                   | 9.32    |   |   |   | 7.99 |   |   |   | 7.68 |   |
| Preferred      shares                                                                                                      |   |                                   | 10.25   |   |   |   | 8.79 |   |   |   | 8.44 |   |
| -      Diluted                                                                                                             |   |                                   |    |   |   |   |   |   |   |   |   |   |
| Common      shares                                                                                                         |   |                                   | 9.30    |   |   |   | 7.98 |   |   |   | 7.66 |   |
| Preferred      shares                                                                                                      |   |                                   | 10.23   |   |   |   | 8.78 |   |   |   | 8.43 |   |
| Dividends      and interest attributable to shareholders’ equity per share and per ADS      (weighted average)(3)(4) |   |                                   |    |   |   |   |   |   |   |   |   |   |
| -      Basic                                                                                                               |   |                                   |    |   |   |   |   |   |   |   |   |   |
| Common      shares                                                                                                         |   |                                   | 5.54    |   |   |   | 4.37 |   |   |   | 3.15 |   |
| Preferred      shares                                                                                                      |   |                                   | 6.10    |   |   |   | 4.81 |   |   |   | 3.47 |   |
| -      Diluted                                                                                                             |   |                                   |    |   |   |   |   |   |   |   |   |   |
| Common      shares                                                                                                         |   |                                   | 5.53    |   |   |   | 4.37 |   |   |   | 3.15 |   |
| Preferred      shares                                                                                                      |   |                                   | 6.09    |   |   |   | 4.81 |   |   |   | 3.46 |   |
| Weighted      average number of shares (thousands) (4)                                                                     |   |                                   |    |   |   |   |   |   |   |   |   |   |
| -      Basic                                                                                                               |   |                                   |    |   |   |   |   |   |   |   |   |   |
| Common      shares                                                                                                         |   |                                   | 346,156 |   |   |   | 344,846 |   |   |   | 344,445 |   |
| Preferred      shares                                                                                                      |   |                                   | 269,340 |   |   |   | 268,930 |   |   |   | 279,415 |   |
| -      Diluted                                                                                                             |   |                                   |    |   |   |   |   |   |   |   |   |   |
| Common      shares                                                                                                         |   |                                   | 346,211 |   |   |   | 344,906 |   |   |   | 344,576 |   |
| Preferred      shares                                                                                                      |   |                                   | 270,201 |   |   |   | 269,374 |   |   |   | 280,221 |   |

|                                                                                                                              |   | Year ended December 31,                                                                                                              |     |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                         |   | 2006                                                                                                                                                |     |   | 2005 |   |
|                                                                                                                         |   | (R$ in millions, except for per shareamounts, number of shares and otheroperating data) |     |
| Brazilian      GAAP                                                                                                               |   |                                                                                                                                                |     |   |   |   |
| Gross      sales, before taxes, discounts and returns                                                                             |   |                                                                                                                                                | 32,487.8 |   |   |   | 28,878.7 |   |
| Net      sales                                                                                                                    |   |                                                                                                                                                | 17,613.7 |   |   |   | 15,958.6 |   |
| Cost      of sales                                                                                                                |   |                                                                                                                                                | (5,948.7 | ) |   |   | (5,742.3 | ) |
| Gross      profit                                                                                                                 |   |                                                                                                                                                | 11,665.0 |   |   |   | 10,216.3 |   |
| Selling,      general and administrative (1)                                                                                      |   |                                                                                                                                                | (5,408.7 | ) |   |   | (4,998.4 | ) |
| Provision      for contingencies and other                                                                                        |   |                                                                                                                                                | 111.8    |   |   |   | (71.5 | ) |
| Other      operating expenses, net                                                                                                |   |                                                                                                                                                | (955.1   | ) |   |   | (1,075.4 | ) |
| Net      finance expenses                                                                                                         |   |                                                                                                                                                | (1,078.3 | ) |   |   | (1,086.7 | ) |
| Share      of Results of Associates                                                                                               |   |                                                                                                                                                | 1.4      |   |   |   | 2.0 |   |
| Income      from operations (2)                                                                                                   |   |                                                                                                                                                | 4,336.1  |   |   |   | 2,986.2 |   |
| Non-operating      income (expense), net                                                                                          |   |                                                                                                                                                | (28.8    | ) |   |   | (234.3 | ) |
| Income      tax benefit (expense)                                                                                                 |   |                                                                                                                                                | (1,315.3 | ) |   |   | (1,020.2 | ) |
| Income      before equity in affiliates, profit sharing and minority      interest                                                |   |                                                                                                                                                | 2,992.0  |   |   |   | 1,731.7 |   |
| Profit      sharing and contributions                                                                                             |   |                                                                                                                                                | (194.4   | ) |   |   | (202.8 | ) |
| Minority      interest                                                                                                            |   |                                                                                                                                                | 8.7      |   |   |   | 16.8 |   |
| Net      income                                                                                                                   |   |                                                                                                                                                | 2,806.3  |   |   |   | 1,545.7 |   |
| Earnings      per share and per ADS (excluding treasury shares) at year    end                                                    |   |                                                                                                                                                | 4.40     |   |   |   | 2.37 |   |
| Dividends      and interest attributable to shareholders’ equity per share and per ADS      (excluding treasury shares) (3) |   |                                                                                                                                                |     |   |   |   |   |   |
| Common      shares                                                                                                                |   |                                                                                                                                                | 1.78     |   |   |   | 3.87 |   |

----

|                                                                                             |   | Year ended December 31,                                                                                                              |    |
|--------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                                        |   | 2006                                                                                                                                                |    |   | 2005 |   |
|                                                                                        |   | (R$ in millions, except for per shareamounts, number of shares and otheroperating data) |    |
| Preferred      shares                                                                            |   |                                                                                                                                                | 1.95    |   |   |   | 4.25 |   |
| Number      of shares outstanding at year end, excluding treasury shares (in      thousands) (4) |   |                                                                                                                                                |    |   |   |   |   |   |
| Common      shares                                                                               |   |                                                                                                                                                | 344,663 |   |   |   | 344,889 |   |
| Preferred      shares                                                                            |   |                                                                                                                                                | 292,530 |   |   |   | 311,299 |   |

|                                                                                                                     |   | Year ended December 31,                                                                                                              |     |
|--------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                |   | 2006                                                                                                                                                |     |   | 2005 |   |
|                                                                                                                |   | (R$ in millions, except for per shareamounts, number of shares andother operating data) |     |
| U.S.      GAAP                                                                                                           |   |                                                                                                                                                |     |   |   |   |
| Net      sales                                                                                                           |   |                                                                                                                                                | 16,945.4 |   |   |   | 14,836.7 |   |
| Operating      income                                                                                                    |   |                                                                                                                                                | 6,177.8  |   |   |   | 4,478.3 |   |
| Net      income                                                                                                          |   |                                                                                                                                                | 4,096.7  |   |   |   | 2,711.0 |   |
| Earnings      per share and per ADS (4) (weighted      average)                                                     |   |                                                                                                                                                |     |   |   |   |   |   |
| -      Basic                                                                                                             |   |                                                                                                                                                |     |   |   |   |   |   |
| Common      shares                                                                                                       |   |                                                                                                                                                | 6.52     |   |   |   | 4.58 |   |
| Preferred      shares                                                                                                    |   |                                                                                                                                                | 7.18     |   |   |   | 5.04 |   |
| -      Diluted                                                                                                           |   |                                                                                                                                                |     |   |   |   |   |   |
| Common      shares                                                                                                       |   |                                                                                                                                                | 6.51     |   |   |   | 4.57 |   |
| Preferred      shares                                                                                                    |   |                                                                                                                                                | 7.16     |   |   |   | 5.02 |   |
| Dividends      and interest attributable to shareholders’ equity per share and per ADS      (weighted average) (4) |   |                                                                                                                                                |     |   |   |   |   |   |
| -      Basic                                                                                                             |   |                                                                                                                                                |     |   |   |   |   |   |
| Common      shares                                                                                                       |   |                                                                                                                                                | 2.88     |   |   |   | 3.86 |   |
| Preferred      shares                                                                                                    |   |                                                                                                                                                | 3.17     |   |   |   | 4.24 |   |
| -      Diluted                                                                                                           |   |                                                                                                                                                |     |   |   |   |   |   |
| Common      shares                                                                                                       |   |                                                                                                                                                | 2.88     |   |   |   | 3.85 |   |
| Preferred      shares                                                                                                    |   |                                                                                                                                                | 3.17     |   |   |   | 4.23 |   |

| C. | Balance      Sheet Data |
|----|-------------------------|

|                                |   | Year ended December 31, |     |
|-------------------------------------|--------|----------------------------------------|----------|
|                           |   | 2009                                   |     |   | 2008 |   |   | 2007 |   |
|                           |   |                                   |     |   | (R$ in millions) |   |   |   |   |
| IFRS                                |   |                                   |     |   |   |   |   |   |   |
| Property,      plant and equipment  |   |                                   | 6,595.1  |   |   |   | 7,304.6 |   |   |   | 6,047.5 |   |
| Goodwill                            |   |                                   | 17,527.5 |   |   |   | 17,912.4 |   |   |   | 17,180.6 |   |
| Intangible      assets              |   |                                   | 1,932.6  |   |   |   | 2,492.9 |   |   |   | 2,042.6 |   |
| Deferred      tax assets            |   |                                   | 1,368.5  |   |   |   | 1,817.8 |   |   |   | 1,841.4 |   |
| Total      non-current assets       |   |                                   | 29,797.9 |   |   |   | 32,519.6 |   |   |   | 30,202.7 |   |
| Cash      and cash equivalents      |   |                                   | 4,042.9  |   |   |   | 3,298.9 |   |   |   | 2,308.2 |   |
| Total      current assets           |   |                                   | 10,303.1 |   |   |   | 9,293.3 |   |   |   | 7,477.7 |   |
| Total      assets                   |   |                                   | 40,101.0 |   |   |   | 41,813.0 |   |   |   | 37,680.4 |   |
| Shareholders’      equity     |   |                                   | 22,017.4 |   |   |   | 20,787.5 |   |   |   | 18,120.0 |   |
| Minority      interests             |   |                                   | 278.7    |   |   |   | 224.1 |   |   |   | 506.7 |   |
| Long-term      loans and borrowings |   |                                   | 6,460.2  |   |   |   | 7,069.6 |   |   |   | 7,530.3 |   |
| Employee      benefits              |   |                                   | 767.9    |   |   |   | 784.3 |   |   |   | 814.1 |   |
| Deferred      tax liabilities       |   |                                   | 502.2    |   |   |   | 821.2 |   |   |   | 697.2 |   |

----

|                                 |   | Year ended December 31, |     |
|--------------------------------------|--------|----------------------------------------|----------|
|                            |   | 2009                                   |     |   | 2008 |   |   | 2007 |   |
|                            |   |                                   |     |   | (R$ in millions) |   |   |   |   |
| Provisions                           |   |                                   | 919.3    |   |   |   | 962.9 |   |   |   | 950.1 |   |
| Total      non-current liabilities   |   |                                   | 9,313.2  |   |   |   | 10,264.3 |   |   |   | 10,657.3 |   |
| Short-term      loans and borrowings |   |                                   | 801.1    |   |   |   | 3,588.2 |   |   |   | 2,270.5 |   |
| Provisions                           |   |                                   | 96.2     |   |   |   | 101.8 |   |   |   | 83.2 |   |
| Total      current liabilities       |   |                                   | 8,491.7  |   |   |   | 10,537.1 |   |   |   | 8,396.4 |   |
| Total      equity and liabilities    |   |                                   | 40,101.0 |   |   |   | 41,813.0 |   |   |   | 37,680.4 |   |

|                                                   |   | Year ended December 31, |     |
|--------------------------------------------------------|--------|----------------------------------------|----------|
|                                              |   | 2006                                   |     |   | 2005 |   |
|                                              |   | (R$ in millions)             |     |
| Brazilian      GAAP                                    |   |                                   |     |   |   |   |
| Balance      Sheet Data:                               |   |                                   |     |   |   |   |
| Cash,      cash equivalents and short-term investments |   |                                   | 1,765.0  |   |   |   | 1,096.3 |   |
| Total      current assets                              |   |                                   | 6,817.4  |   |   |   | 5,474.7 |   |
| Prepaid      pension benefit cost                      |   |                                   | 17.0     |   |   |   | 20.0 |   |
| Investments                                            |   |                                   | 17,990.4 |   |   |   | 16,727.1 |   |
| Property,      plant and equipment, net                |   |                                   | 5,723.9  |   |   |   | 5,404.6 |   |
| Deferred      income tax – non-current      |   |                                   | 3,566.7  |   |   |   | 4,183.5 |   |
| Total      assets                                      |   |                                   | 35,645.1 |   |   |   | 33,401.8 |   |
| Short-term      debt (5)                               |   |                                   | 2,104.6  |   |   |   | 1,209.4 |   |
| Total      current liabilities                         |   |                                   | 6,844.4  |   |   |   | 5,052.3 |   |
| Long-term      debt (6)                                |   |                                   | 7,462.0  |   |   |   | 5,994.2 |   |
| Accrued      liability for contingencies               |   |                                   | 579.1    |   |   |   | 1,037.1 |   |
| Sales      tax deferrals and other tax credits         |   |                                   | 687.7    |   |   |   | 698.9 |   |
| Post-retirement      benefit                           |   |                                   | 326.6    |   |   |   | 584.6 |   |
| Total      long-term liabilities                       |   |                                   | 9,075.8  |   |   |   | 8,209.7 |   |
| Minority      interest                                 |   |                                   | 222.7    |   |   |   | 122.6 |   |
| Subscribed      and paid-up capital                    |   |                                   | 5,716.1  |   |   |   | 5,691.4 |   |
| Shareholders’      equity                        |   |                                   | 19,268.1 |   |   |   | 19,867.3 |   |
| U.S.      GAAP                                         |   |                                   |     |   |   |   |   |   |
| Total      assets                                      |   |                                   | 39,732.0 |   |   |   | 35,447.5 |   |
| Shareholders’      equity                        |   |                                   | 21,107.7 |   |   |   | 20,601.9 |   |

----

| D. | Other      Data |
|----|-----------------|

|                                              |   |   |     |   | Year ended December 31,                                    |   |
|---------------------------------------------------|--------|--------|----------|--------|---------------------------------------------------------------------------|--------|
|                                         |   |   |     |   | (R$ in millions, except for operating data) |   |
|                                         |   | 2009   |     |   | 2008                                                                      |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                         |   | IFRS   |     |   | BR GAAP                                                              |   |
| Other      Financial Information:                 |   |   |     |   |                                                                      |   |   |   |   |   |   |   |   |   |   |
| Net      working capital (7)                      |   |   | 1,811.4  |   |                                                                      |   | (1,243.8 | ) |   |   | (918.7 | )   |   |   | (26.9 | ) |   |   | 422.4 |   |
| Cash      dividends paid (3)                      |   |   | 3,560.5  |   |                                                                      |   | 2,801.8 |   |   |   | 2,053.8 |   |   |   | 1,790.8 |   |   |   | 2,272.0 |   |
| Depreciation      and amortization (8)            |   |   | 1,376.5  |   |                                                                      |   | 1,290.7 |   |   |   | 1,084.9 |   |   |   | 1,188.4 |   |   |   | 1,087.5 |   |
| Capital      expenditures (9)                     |   |   | 1,306.2  |   |                                                                      |   | 1,782.0 |   |   |   | 1,497.4 |   |   |   | 1,425.7 |   |   |   | 1,369.5 |   |
| Operating      cash flows - generated (10)        |   |   | 8,697.1  |   |                                                                      |   | 7,032.6 |   |   |   | 7,209.0 |   |   |   | 5,985.2 |   |   |   | 4,149.6 |   |
| Investing      cash flows - generated (used) (10) |   |   | (1,551.8 | )      |                                                                      |   | (2,214.1 | ) |   |   | (2,146.8 | ) |   |   | (3,785.3 | ) |   |   | (1,619.3 | ) |
| Financing      cash flows - generated (used) (10) |   |   | (5,929.0 | )      |                                                                      |   | (4,005.7 | ) |   |   | (4,246.5 | ) |   |   | (1,468.6 | ) |   |   | (2,974.0 | ) |

----

|                                                                                                        |   |   |   |   | Year ended December 31,                                    |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------------------------------------------------|--------|
|                                                                                                   |   |   |   |   | (R$ in millions, except for operating data) |   |
|                                                                                                   |   | 2009   |   |   | 2008                                                                      |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
|                                                                                                   |   | IFRS   |   |   | BR GAAP                                                              |   |
| Other      Operating Data:                                                                                  |   |   |   |   |                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      production capacity - Beer – million hl (11)                                               |   |   | 156.7  |   |                                                                      |   | 156.9 |   |   |   | 165.6 |   |   |   | 143.8 |   |   |   | 120.9 |   |
| Total production capacity – CSD & NANC      – million hl (11) |   |   | 79.9   |   |                                                                      |   | 78.9 |   |   |   | 94.1 |   |   |   | 65.5 |   |   |   | 42.4 |   |
| Total beer volume sold      – million hl (12)                                          |   |   | 110.7  |   |                                                                      |   | 105.0 |   |   |   | 103.0 |   |   |   | 94.0 |   |   |   | 76.7 |   |
| Total CSD & NANC volume sold      - millions hl (12)                           |   |   | 44.0   |   |                                                                      |   | 41.9 |   |   |   | 39.9 |   |   |   | 34.2 |   |   |   | 23.6 |   |
| Number of employees      (13)                                                                     |   |   | 40,787 |   |                                                                      |   | 39,301 |   |   |   | 36,305 |   |   |   | 35,090 |   |   |   | 28,567 |   |

| (1) | General      and administrative expenses include director’s  fees. |
|-----|--------------------------------------------------------------------------|

| (2) | Operating      income under Brazilian GAAP is presented after financial income and      financial expense. |
|-----|------------------------------------------------------------------------------------------------------------|

| (3) | The      dividend and interest on shareholders equity per share is calculated net      of withholding tax and therefore represents the amounts received as      disclosed in “Dividends”. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | In      the IFRS selected financial data only, earnings per share are calculated      dividing the net income by the weighted average number of common and      preferred shares outstanding during the periods. In the Brazilian GAAP      selected financial information section, earnings per share are calculated      by dividing by the number of shares outstanding at the year end. AmBev’s      preferred shares are entitled to dividends 10% greater than the dividends      paid to common shares. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes      current portion of long-term debt. |
|-----|--------------------------------------------------|

| (6) | Excludes      current portion of long-term debt. |
|-----|--------------------------------------------------|

| (7) | Represents      total current assets less total current  liabilities. |
|-----|-----------------------------------------------------------------------|

| (8) | Includes      depreciation of property, plant and equipment, amortization of intangible      assets and impairment losses related to these  assets. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Represents      cash expenditures for property, plant and  equipment. |
|-----|-----------------------------------------------------------------------|

| (10) | Operating,      Investing and Financing cash flows data is derived from our consolidated      financial statements. |
|------|---------------------------------------------------------------------------------------------------------------------|

| (11) | Represents      available production capacity of AmBev and its subsidiaries, including      Quinsa’s total capacity (beginning in 2006); capacity can vary from year      to year depending on mix; hl is the abbreviation for hectoliters;      CSD & NANC is the abbreviation for Carbonated Soft Drinks and      Non-Alcoholic and Non-Carbonated SoftDrinks. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Represents      full-year volumes of AmBev and its subsidiaries. Quinsa and its      subsidiaries are fully consolidated in 2006 numbers and excluded through      2005. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Includes      all production and non-production-related employees of AmBev and its      subsidiaries. Quinsa and its subsidiaries are included in 2006 figures and      excluded through 2005. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| E. | Dividends |
|----|-----------|

| Earnings generated   |   | First payment date |   | Reais pershares (1) |   | U.S. dollar equivalentper share at payment date(1)(2) |
|---------------------------|--------|------------------------------|--------|-------------------------------|--------|-------------------------------------------------------------------------------------|
| First half      2005 |   | September      30, 2005      |   | 1.07                          |   | (preferred)                                                                         |   | 0.48 |
|                      |   |                         |   | 0.97                          |   | (common)                                                                            |   | 0.44 |
| Second      half 2005     |   | December      29, 2005       |   | 0.84                          |   | (preferred)                                                                         |   | 0.36 |
|                      |   |                         |   | 0.76                          |   | (common)                                                                            |   | 0.33 |
| March      31, 2006       |   |                         |   | 0.63                          |   | (preferred)                                                                         |   | 0.29 |
|                      |   |                         |   | 0.58                          |   | (common)                                                                            |   | 0.27 |
| First      half 2006      |   | June      30, 2006           |   | 0.61                          |   | (preferred)                                                                         |   | 0.28 |
|                      |   |                         |   | 0.55                          |   | (common)                                                                            |   | 0.26 |
| October      30, 2006     |   |                         |   | 0.61                          |   | (preferred)                                                                         |   | 0.28 |
|                      |   |                         |   | 0.55                          |   | (common)                                                                            |   | 0.26 |
| Second      half 2006     |   | December      28, 2006       |   | 0.74                          |   | (preferred)                                                                         |   | 0.35 |
|                      |   |                         |   | 0.67                          |   | (common)                                                                            |   | 0.33 |
| First      half 2007      |   | March      31, 2007          |   | 0.73                          |   | (preferred)                                                                         |   | 0.35 |
|                      |   |                         |   | 0.66                          |   | (common)                                                                            |   | 0.32 |

----

| Earnings generated     |   | First payment date |   | Reais pershares (1) |   | U.S. dollar equivalentper share at payment date(1)(2) |
|-----------------------------|--------|------------------------------|--------|-------------------------------|--------|-------------------------------------------------------------------------------------|
| June      29, 2007          |   |                         |   | 0.30                          |   | (preferred)                                                                         |   | 0.16 |
|                        |   |                         |   | 0.28                          |   | (common)                                                                            |   | 0.14 |
| Second      half 2007       |   | October      10, 2007        |   | 1.60                          |   | (preferred)                                                                         |   | 0.88 |
|                        |   |                         |   | 1.45                          |   | (common)                                                                            |   | 0.80 |
| December 31,      2007 |   |                         |   | 0.45                          |   | (preferred)                                                                         |   | 0.25 |
|                        |   |                         |   | 0.41                          |   | (common)                                                                            |   | 0.23 |
| First      half 2008        |   | April      28, 2008          |   | 1.84                          |   | (preferred)                                                                         |   | 1.10 |
|                        |   |                         |   | 1.67                          |   | (common)                                                                            |   | 1.00 |
|                        |   | July      31, 2008           |   | 1.63                          |   | (preferred)                                                                         |   | 1.04 |
|                        |   |                         |   | 1.48                          |   | (common)                                                                            |   | 0.94 |
| Second      half 2008       |   | October      13, 2008        |   | 1.38                          |   | (preferred)                                                                         |   | 0.64 |
|                        |   |                         |   | 1.25                          |   | (common)                                                                            |   | 0.58 |
| First      half 2009        |   | January      30, 2009        |   | 0.36                          |   | (preferred)                                                                         |   | 0.16 |
|                        |   |                         |   | 0.33                          |   | (common)                                                                            |   | 0.14 |
|                        |   | May      29, 2009            |   | 0.38                          |   | (preferred)                                                                         |   | 0.19 |
|                        |   |                         |   | 0.35                          |   | (common)                                                                            |   | 0.18 |
|                        |   | July      31, 2009           |   | 1.21                          |   | (preferred)                                                                         |   | 0.65 |
|                        |   |                         |   | 1.10                          |   | (common)                                                                            |   | 0.59 |
| Second      half 2009       |   | October      2, 2009         |   | 1.66                          |   | (preferred)                                                                         |   | 0.93 |
|                        |   |                         |   | 1.51                          |   | (common)                                                                            |   | 0.85 |
|                        |   | December 18, 2009  |   | 2.13                          |   | (preferred)                                                                         |   | 1.19 |
|                        |   |                         |   | 1.94                          |   | (common)                                                                            |   | 1.09 |

| (1) | The      amounts set forth above are amounts actually received by shareholders,      which are net of withholding tax. The financial statements present the      amounts actually disbursed, including the withholding tax on interest on      shareholders’ equity, which was paid by AmBev on behalf of shareholders.      The dividends set forth above are calculated based on the number of      outstanding shares at the date the distributions were      declared. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Translated      to U.S. dollars at the exchange rate in effect at the date of      payment. |
|-----|---------------------------------------------------------------------------------------------|

| F. | Exchange      Rate Information |
|----|--------------------------------|

|            |   | Exchange Rates of Reais per U.S.$1.00 |   |
|-----------------|--------|----------------------------------------------------------------|--------|
|            |   | 2009                                                           |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |
| Low             |   |                                                           | 1.7024 |   |   |   | 1.5593 |   |   |   | 1.7325 |   |   |   | 2.0586 |   |   |   | 2.1633 |   |
| High            |   |                                                           | 2.4218 |   |   |   | 2.5004 |   |   |   | 2.1556 |   |   |   | 2.3711 |   |   |   | 2.7621 |   |
| Average (1)     |   |                                                           | 1.9935 |   |   |   | 1.8375 |   |   |   | 1.9483 |   |   |   | 2.1679 |   |   |   | 2.4125 |   |
| Period      End |   |                                                           | 1.7412 |   |   |   | 2.3370 |   |   |   | 1.7713 |   |   |   | 2.1380 |   |   |   | 2.3407 |   |

----

|   | Monthly Exchange Rates of Reais per U.S.$1.00 |   |
|--------|-----------------------------------------------------------------------------|--------|
|   | 2010                                                                        |   |
|   |                                                                        | March  |   |   | February |   |   | January |   |
| Low    |                                                                        |   | 1.7637 |   |   |   | 1.8046 |   |   |   | 1.722 |   |
| High   |                                                                        |   | 1.8231 |   |   |   | 1.8773 |   |   |   | 1.875 |   |

| G. | Exchange      Controls |
|----|------------------------|

|   | ▪ | Appoint      at least one representative in Brazil, with powers to perform actions      relating to its investment; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Appoint      an authorized custodian in Brazil for its investments, which must be a      financial institution duly authorized by the Central Bank and      CVM; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Complete      the appropriate foreign investor registration  form; |
|--------|---------|--------------------------------------------------------------------|

|   | ▪ | Register      as a foreign investor with the CVM;and |
|--------|---------|------------------------------------------------------|

|   | ▪ | Register      its foreign investment with the CentralBank. |
|--------|---------|------------------------------------------------------------|

| H. | Risk      Factors |
|----|-------------------|

----

----

| Commodity |   | High Price          |   | Low Price           |   | Avg. 2009           |   | Fluctuation |   |
|-----------|--------|--------------------------|--------|--------------------------|--------|--------------------------|--------|-------------|--------|
| Aluminum  |   | 2,265.50US$/Ton          |   | 1,253.5      US$/Ton     |   | 1,667.54      US$/Ton    |   |        | 80.73  | % |
| Sugar     |   | 27.26      Cents/Pounds  |   | 11.43      Cents/Pounds  |   | 17.84      Cents/Pounds  |   |        | 138.5  | % |
| Corn      |   | 24.07      R$/Bag        |   | 18.59      R$/Bag        |   | 20.72      R$/Bag        |   |        | 29.48  | % |
| Wheat     |   | 738.25      Cents/Bushel |   | 460.75      Cents/Bushel |   | 582.70      Cents/Bushel |   |        | 60.23  | % |
| PET       |   | 1,165      US$/Ton       |   | 887.5      US$/Ton       |   | 1,034.65      US$/Ton    |   |        | 31.27  | % |

----

|   | ▪ | Devaluations      and other exchange rate movements; |
|--------|---------|------------------------------------------------------|

|   | ▪ | Inflation; |
|--------|---------|------------|

|   | ▪ | Exchange      control policies; |
|--------|---------|---------------------------------|

|   | ▪ | Social      instability; |
|--------|---------|--------------------------|

|   | ▪ | Price      instability; |
|--------|---------|-------------------------|

|   | ▪ | Energy      shortages; |
|--------|---------|------------------------|

|   | ▪ | Interest      rates; |
|--------|---------|----------------------|

|   | ▪ | Liquidity      of domestic capital and lendingmarkets; |
|--------|---------|--------------------------------------------------------|

|   | ▪ | Tax      policy; and |
|--------|---------|----------------------|

|   | ▪ | Other      political, diplomatic, social and economic developments in or affecting      Brazil. |
|--------|---------|-------------------------------------------------------------------------------------------------|

----

----

----

----

----

|   | ▪ | Changes      in the regulatory, tax, economic and political environment that may affect      the ability of investors to receive payment, in whole or in part, in      respect of their investments; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Restrictions      on foreign investment and on repatriation of capital    invested. |
|--------|---------|-------------------------------------------------------------------------------------|

----

----

----

----

| ITEM 4. | INFORMATION      ON THE COMPANY |
|--------------|---------------------------------|

| A. | History      and Development of the Company |
|----|---------------------------------------------|

----

----

----

----

| B. | Business      Overview |
|----|------------------------|

|   | ▪ | Latin America North,      which includes (i) our operations in Brazil, where we operate two      divisions: (i) beer sales (“Beer Brazil”) and (ii) carbonated      soft drinks and non-alcoholic non-carbonated sales (“CSD & NANC      Brazil”); and (ii) our Hispanic Latin America Operations, Excluding      Latin America South (“HILA-Ex”), operations comprising the Dominican      Republic, Ecuador, Guatemala (which also serves El Salvador and      Nicaragua), Peru and Venezuela. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Latin America South,      which includes our Quinsa operations in the countries of Argentina,      Bolivia, Paraguay, Uruguay andChile. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Canada, represented by      Labatt’s operations, which includes domestic sales in    Canada. |
|--------|---------|----------------------------------------------------------------------------------------------------|

----

|                     |   | Net Revenues (R$ millions)Year ended December 31, |     |
|--------------------------|--------|---------------------------------------------------------------------------------|----------|
|                     |   | 2009                                                                            |     |   | 2008 |   |   | 2007 |   |
| Latin      America North |   |                                                                            | 15,414.2 |   |   |   | 66.5 | % |   |   | 13,671.9 |   |   |   | 66.0 | % |   |   | 13,075.4 |   |   |   | 66.8 | % |
| Brazil                   |   |                                                                            | 14,632.1 |   |   |   | 63.1 | % |   |   | 13,058.7 |   |   |   | 63.0 | % |   |   | 12,394.8 |   |   |   | 63.3 | % |
| Beer      Brazil         |   |                                                                            | 12,064.7 |   |   |   | 52.0 | % |   |   | 10,759.5 |   |   |   | 51.9 | % |   |   | 10,283.9 |   |   |   | 52.5 | % |
| CSD &      NANC |   |                                                                            | 2,567.4  |   |   |   | 11.1 | % |   |   | 2,299.2 |   |   |   | 11.1 | % |   |   | 2,110.9 |   |   |   | 10.8 | % |
| HILA-ex                  |   |                                                                            | 782.1    |   |   |   | 3.4 | % |   |   | 613.2 |   |   |   | 3.0 | % |   |   | 680.6 |   |   |   | 3.5 | % |
| Latin      America South |   |                                                                            | 3,826.5  |   |   |   | 16.5 | % |   |   | 3,300.4 |   |   |   | 15.9 | % |   |   | 2,673.4 |   |   |   | 13.6 | % |
| Canada                   |   |                                                                            | 3,953.3  |   |   |   | 17.0 | % |   |   | 3,740.9 |   |   |   | 18.1 | % |   |   | 3,830.7 |   |   |   | 19.6 | % |
|                     |   |                                                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AmBev      Consolidated  |   |                                                                            | 23,194.0 |   |   |   | 100.0 | % |   |   | 20,713.2 |   |   |   | 100.0 | % |   |   | 19,579.5 |   |   |   | 100.0 | % |

----

|                         |   | Sales      Volumes (‘000 hl)Year ended      December 31 |      |
|------------------------------|--------|--------------------------------------------------------------------|-----------|
|                         |   | 2009                                                               |      |   | 2008 |   |   | 2007 |   |
| Latin      America North     |   |                                                               | 109,796.1 |   |   |   | 71.0 | % |   |   | 101,518.0 |   |   |   | 69.1 | % |   |   | 100,885.4 |   |   |   | 70.6 | % |
| Brazil                       |   |                                                               | 103,397.8 |   |   |   | 66.8 | % |   |   | 95,093.9 |   |   |   | 64.7 | % |   |   | 94,607.6 |   |   |   | 66.2 | % |
| Beer      Brazil             |   |                                                               | 76,277.6  |   |   |   | 49.3 | % |   |   | 69,960.9 |   |   |   | 47.6 | % |   |   | 70,124.5 |   |   |   | 49.1 | % |
| CSD &      NANC     |   |                                                               | 27,120.3  |   |   |   | 17.5 | % |   |   | 25,132.9 |   |   |   | 17.1 | % |   |   | 24,483.1 |   |   |   | 17.1 | % |
| HILA-ex                      |   |                                                               | 6,398.2   |   |   |   | 4.1 | % |   |   | 6,424.1 |   |   |   | 4.4 | % |   |   | 6,278.2 |   |   |   | 4.4 | % |
| Latin      America South (1) |   |                                                               | 33,318.7  |   |   |   | 21.5 | % |   |   | 33,697.8 |   |   |   | 22.9 | % |   |   | 30,524.2 |   |   |   | 21.4 | % |
| Canada                       |   |                                                               | 11,607.5  |   |   |   | 7.5 | % |   |   | 11,747.0 |   |   |   | 8.0 | % |   |   | 11,506.6 |   |   |   | 8.0 | % |
| AmBev Consolidated (2)       |   |                                                               | 154,722.3 |   |   |   | 100.0 | % |   |   | 146,962.8 |   |   |   | 100.0 | % |   |   | 142,916.5 |   |   |   | 100 | % |

| (1) | Through      July 31, 2006, Quinsa’s volumes are presented in proportion to      AmBev’s economic stake in Quinsa. Effective August 1, 2006, Quinsa is      fully consolidated. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Totals      may not add due to rounding. |
|-----|------------------------------------------|

|   | ▪ | Our      people and culture; |
|--------|---------|------------------------------|

|   | ▪ | Top      line growth; |
|--------|---------|-----------------------|

|   | ▪ | Building      strong brands; |
|--------|---------|------------------------------|

|   | ▪ | Excellence      in route to market; |
|--------|---------|-------------------------------------|

|   | ▪ | Permanent      cost efficiency; and |
|--------|---------|-------------------------------------|

|   | ▪ | Financial      discipline. |
|--------|---------|----------------------------|

|   | ▪ | Portfolio management :      we constantly pursue increased sales of premium, higher-priced and more      profitable products in our salesmix; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Maximize share of consumer      expenditure : we seek to maximize our share of the consumer’s      expenditure in our products; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Leadership : we are      committed to maintaining and strengthening our leading position in the      markets where we operate, as well as to evaluating opportunities to      establish a presence in new markets across the Americas where we currently      do not operate; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Increase per capita      consumption : based on proprietary research focused on consumer      behavior and occasions of consumption, we aim to increase per capita      consumption in the markets where weoperate. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                     |   | 2009      Quarterly Volumes(As      a percentage of annual volumes) |   |
|--------------------------|--------|---------------------------------------------------------------------|--------|
|                     |   | 1st Quarter                                                    |   |   | 2nd Quarter |   |   | 3rd Quarter |   |   | 4th Quarter |   |   | 2009 |   |
| Latin      America North |   |                                                                | 23.6   | % |   |   | 21.9 | % |   |   | 23.5 | % |   |   | 31.0 | % |   |   | 100 | % |
| Brazil                   |   |                                                                | 23.6   | % |   |   | 21.8 | % |   |   | 23.5 | % |   |   | 31.1 | % |   |   | 100 | % |
| Beer      Brazil         |   |                                                                | 23.4   | % |   |   | 21.8 | % |   |   | 23.6 | % |   |   | 31.1 | % |   |   | 100 | % |
| CSD &      NANC |   |                                                                | 24.0   | % |   |   | 21.8 | % |   |   | 23.2 | % |   |   | 31.0 | % |   |   | 100 | % |
| HILA-ex                  |   |                                                                | 23.2   | % |   |   | 24.1 | % |   |   | 23.3 | % |   |   | 29.4 | % |   |   | 100 | % |
| Latin      America South |   |                                                                | 27.7   | % |   |   | 19.9 | % |   |   | 21.6 | % |   |   | 30.8 | % |   |   | 100 | % |
| Canada                   |   |                                                                | 18.7   | % |   |   | 29.0 | % |   |   | 28.7 | % |   |   | 23.5 | % |   |   | 100 | % |
|                     |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AmBev      Consolidated  |   |                                                                | 24.1   | % |   |   | 22.0 | % |   |   | 23.5 | % |   |   | 30.4 | % |   |   | 100 | % |

----

----

----

----

----

----

----

----

|   | ▪ | Each      country has a minimum legal drinking age that is established by the      government; the beer legal drinking age varies from 18 to 21      years; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Some      local and federal governments require that retail stores own special      licenses for the sale of alcohol; this is the case in Venezuela, and some      regions of Argentina and Canada; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Some      local governments in Canada establish a minimum price for beer sales,      which is named Social Reference Price (“SRP”). There is a specific SRP for      each different packaging presentation. The SRP may vary from one province      to another; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Beer      sales in the off-premise channel in the Canadian provinces of New      Brunswick, Newfoundland, Nova Scotia, Prince Edward Island and      Saskatchewan are restricted to specific government-owned stores;      and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Beer      sales in the off-premise channel in Canada in the Province of Ontario are      restricted to two chains of retail stores. One of them is the LCBO, which      is government owned, and the other is TBS, jointly owned by Labatt, Molson      and Sleeman. The Alcohol and Gaming Commission of Ontario regulates the      alcohol industry. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| C. | Organizational      Structure |
|----|-------------------------------|

----

| D. | Property,      Plant and Equipment |
|----|------------------------------------|

----

| Brazil                                           |
|--------------------------------------------------|
| Plant                                            |   | Type      of Plant |
|                                             |   |   |
| Agudos,      São Paulo                      |   | Beer |
| Brasília,      Federal District             |   | Beer |
| Curitiba,      Paraná                       |   | Beer |
| Equatorial,      Maranhão                   |   | Beer |
| Goiânia,      Goiás                    |   | Beer |
| Jacareí,      São Paulo                |   | Beer |
| Lages,      Santa Catarina                       |   | Beer |
| Natal,      Rio Grande do Norte                  |   | Beer |
| Guarulhos,      São Paulo                   |   | Beer |
| Sete      Lagoas, Minas Gerais                   |   | Beer |
| Águas      Claras, Sergipe                  |   | Mixed |
| Aquiraz,      Ceará                         |   | Mixed |
| Camaçari,      Bahia                        |   | Mixed |
| Cebrasa,      Goiás                         |   | Mixed |
| Cuiabá,      Mato Grosso                    |   | Mixed |
| Jaguariúna,      São Paulo             |   | Mixed |
| João      Pessoa, Paraíba              |   | Mixed |
| Nordeste,      Pernambuco                        |   | Mixed |
| Nova      Rio, Rio de Janeiro                    |   | Mixed |
| Manaus,      Amazonas                            |   | Mixed |
| Minas,      Minas Gerais                         |   | Mixed |
| Teresina,      Piauí                        |   | Mixed |
| Águas      Claras do Sul, Rio Grande do Sul |   | Mixed |
| Piraí,      Rio de Janeiro                  |   | Mixed |
| Curitibana,      Paraná                     |   | Soft      drinks |
| Contagem,      Minas Gerais                      |   | Soft      drinks |
| Jundiaí,      São Paulo                |   | Soft      drinks |
| Sapucaia,      Rio Grande do Sul                 |   | Soft      drinks |
| São      Paulo, São Paulo              |   | Labels |
| Manaus,      Amazonas                            |   | Crown      Cap |
| Campo      Grande, Rio de Janeiro                |   | Glass      Bottle |
| Manaus,      Amazonas                            |   | Concentrate |
| Maltaria      Navegantes, Rio Grande do Sul      |    | Malt |

| HILA                                     |
|------------------------------------------|
| Plant                                    |   | Type      of Plant |
| HILA-ex                                  |
| AmBev      Venezuela, Venezuela          |   | Beer |
| AmBevCentroamérica,      Guatemala  |   | Beer |
| AmBevEcuador,      Ecuador               |   | Beer |
| Hato      Nuevo, Dominican Republic      |   | Beer |
| Huachipa,      Peru                      |   | Mixed |
| San      Martín, Dominican Republic |   | Soft      Drinks |
| Sullana,      Peru                       |   | Soft      Drinks |
| Cympay,      Uruguay                     |   | Malt |
| MUSA,      Uruguay                       |   | Malt |
| Maltería      Pampa, Argentina      |   | Malt |
| Latin      America South                 |
| Quilmes,      Argentina                  |   | Beer |
| Corrientes,      Argentina               |   | Beer |
| La      Paz, Bolivia                     |   | Beer |
| Santa      Cruz, Bolivia                 |   | Beer |
| Taquiña,      Bolivia               |   | Beer |
| Huari,      Bolivia                      |   | Beer |
| Tarija,      Bolivia                     |   | Beer |
| Santiago,      Chile                     |   | Beer |
| Minas,      Uruguay                      |   | Beer |
| Ypané,      Paraguay                |   | Beer/Glass      bottle |
| Zárate,      Argentina              |   | Mixed |
| Mendoza,      Argentina                  |   | Mixed |
| Montevideo,      Uruguay                 |   | Mixed |
| Córdoba,      Argentina             |   | Soft      Drinks |
| Trelew,      Argentina                   |   | Soft      Drinks |
| Buenos      Aires South, Argentina       |   | Soft      Drinks and Juices |
| Tucumán,      Argentina             |   | Soft      Drinks/ Bottling |
| Montegrande,      Argentina              |   | Isotonics |
| Tres      Arroyos, Argentina             |   | Malt |
| Llavallol,      Argentina1               |   | Malt |

| CANADA                |
|-----------------------|
| Plant                 |   | Type      of Plant |
|                  |   |   |
| St.      John’s |   | Beer |
| Halifax               |   | Beer |
| Montreal              |   | Beer |
| London                |   | Beer |
| Edmonton              |   | Beer |
| Creston               |   | Beer |
| Hamilton              |   | Beer |
| Lakeport              |    | Beer |

----

----

| ITEM 5. | OPERATING      AND FINANCIAL REVIEW AND PROSPECTS |
|--------------|---------------------------------------------------|

| A. | Operating      Results |
|----|------------------------|

----

----

----

| Financial Liabilities                 |   | Book Value  |    |   | MarketValue  |   |    | Difference  |   |
|-------------------------------------------------|--------|-----------------------|---------|--------|-------------------|--------|---------|------------------|--------|
|                                            |   |                  |    |   |              |   |    |             |   |
| Working      Capital BRL (Labatt)               |   |                  | 1,188.2 |   |              |   | 917.9   |             |   |   | 270.4 |   |
| Syndicated      Facility (CAD)                  |   |                  | 709.7   |   |              |   | 709.7   |             |   |   | - |   |
| TBS      (CAD) (i)                              |   |                  | 156.7   |   |              |   | 156.6   |             |   |   | 0.1 |   |
| International      financing (other currencies) |   |                  | 760.7   |   |              |   | 760.7   |             |   |   | - |   |
| Agro-industrial      credit                     |   |                  | 185.0   |   |              |   | 185.0   |             |   |   | - |   |
| BNDES/FINEP/EGF                                 |   |                  | 583.4   |   |              |   | 583.4   |             |   |   | - |   |
| Bond      2011                                  |   |                  | 998.3   |   |              |   | 1,010.8 |             |   |   | (12.5 | ) |
| Bond      2013                                  |   |                  | 939.8   |   |              |   | 1,009.9 |             |   |   | (70.1 | ) |
| Bond      2017                                  |   |                  | 268.3   |   |              |   | 294.4   |             |   |   | (26.1 | ) |
| Debentures                                      |   |                  | 1,247.1 |   |              |   | 1,264.8 |             |   |   | (17.7 | ) |
| Tax      incentives                             |   |                  | 202.1   |   |              |   | 202.1   |             |   |   | - |   |
| Financial      Leasing                          |   |                  | 21.9    |   |              |   | 21.9    |             |   |   | - |   |
|                                            |   |                  |    |   |              |   |    |             |   |   |   |   |
| Total                                           |   |                  | 7,261.2 |   |              |   | 7,117.2 |             |   |   | 144.1 |   |

| (i) | The      Beer Store’s debt in Canadian dollars.  The figures shown are      proportionally consolidated by LabattCanada. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Latin America North,      consisting of: |
|--------|---------|------------------------------------------|

|   | ▪ | Latin America South,      consisting of our Quinsa countries of Argentina, Bolivia, Chile, Paraguay      and Uruguay; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Canada, consisting of      Labatt’s operations, including domestic sales in Canada and exports to the      United States. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|                                        |   | Consolidated      Financial Highlights                                              |      |
|---------------------------------------------|--------|-------------------------------------------------------------------------------------|-----------|
|                                        |   | 2009                                                                                |      |   | 2008 |   |   | % Change |   |
|                                        |   | (R$      in millions, except volume amounts,percentages      and per share amounts) |      |
| IFRS                                        |   |                                                                                |      |
| Sales      volume—000 hectoliters     |   |                                                                                | 154,722.3 |   |   |   | 146,962.8 |   |   |   | 5.3 | % |
| Net      sales                              |   |                                                                                | 23,194.0  |   |   |   | 20,713.2 |   |   |   | 12.0 | % |
| Net      revenue per hectoliter—R$/hl |   |                                                                                | 149.9     |   |   |   | 140.9 |   |   |   | 6.4 | % |
| Cost      of sales                          |   |                                                                                | (7,731.9  | ) |   |   | (7,217.6 | ) |   |   | 7.1 | % |
| Gross      profit                           |   |                                                                                | 15,462.1  |   |   |   | 13,495.5 |   |   |   | 14.6 | % |
| Gross      margin (%)                       |   |                                                                                | 66.7      | % |   |   | 65.2 | % |   |   |   |   |
| Sales      and marketing expenses           |   |                                                                                | (5,542.0  | ) |   |   | (4,956.3 | ) |   |   | 11.8 | % |
| Administrative      expenses                |   |                                                                                | (1,478.0  | ) |   |   | (1,037.0 | ) |   |   | 42.5 | % |
| Other      operating income/expenses        |   |                                                                                | 539.3     |   |   |   | 383.5 |   |   |   | 40.6 | % |
| Special      items                          |   |                                                                                | 196.6     |   |   |   | (59.2 | ) |   | n.a. |   |
| Operating      income(1)                    |   |                                                                                | 9,177.9   |   |   |   | 7,826.5 |   |   |   | 17.3 | % |
| Operating      margin (%)                   |   |                                                                                | 39.6      | % |   |   | 37.8 | % |   |   |   |   |
| Net      income                             |   |                                                                                | 5,988.4   |   |   |   | 5,190.9 |   |   |   | 15.4 | % |
| Net      margin                             |   |                                                                                | 25.8      | % |   |   | 25.1 | % |   |   |   |   |

----

|                                   |   | Year ended December 31, |   |
|----------------------------------------|--------|----------------------------------------|--------|
|                                   |   | 2009                                   |   |   | 2008 |   |
|                                   |   | (%)                                    |   |   | (%) |   |
| IFRS                                   |   |                                   |   |   |   |   |
| Net      sales                         |   |                                   | 100.0  |   |   |   | 100.0 |   |
| Cost      of sales                     |   |                                   | (33.3  | ) |   |   | (34.8 | ) |
|                                   |   |                                   |   |   |   |   |   |   |
| Gross      profit                      |   |                                   | 66.7   |   |   |   | 65.2 |   |
| Sales      and marketing expenses      |   |                                   | (23.9  | ) |   |   | (23.9 | ) |
| Administrative      expenses           |   |                                   | (6.4   | ) |   |   | (5.0 | ) |
| Other      operating income/(expenses) |   |                                   | 2.3    |   |   |   | 1.8 |   |
| Special      items                     |   |                                   | 0.8    |   |   |   | (0.3 | ) |
|                                   |   |                                   |   |   |   |   |   |   |
| Operating      income                  |   |                                   | 39.6   |   |   |   | 37.8 |   |

|                                              |   | Year      ended December 31, |     |
|---------------------------------------------------|--------|-----------------------------------|----------|
|                                              |   | 2009                              |     |   | 2008 |   |
|                                              |   | Brazil                            |     |   | Hila-Ex |   |   | LAS(1) |   |   | Canada |   |   | Total |   |   | Brazil |   |   | Hila-Ex |   |   | LAS(1) |   |   | Canada |   |   | Total |   |
| Net      sales                                    |   |                              | 14,632.1 |   |   |   | 782.1 |   |   |   | 3,826.5 |   |   |   | 3,953.3 |   |   |   | 23,194.0 |   |   |   | 13,058.7 |   |   |   | 613.2 |   |   |   | 3,300.4 |   |   |   | 3,740.9 |   |   |   | 20,713.2 |   |
| Cost      of sales                                |   |                              | (4,411.2 | ) |   |   | (489.5 | ) |   |   | (1,490.8 | ) |   |   | (1,340.3 | ) |   |   | (7,731.9 | ) |   |   | (4,181.2 | ) |   |   | (421.0 | ) |   |   | (1,395.3 | ) |   |   | (1,220.2 | ) |   |   | (7,217.6 | ) |
| Gross      profit                                 |   |                              | 10,220.8 |   |   |   | 292.7 |   |   |   | 2,335.7 |   |   |   | 2,612.9 |   |   |   | 15,462.1 |   |   |   | 8,877.5 |   |   |   | 192.2 |   |   |   | 1,905.1 |   |   |   | 2,520.7 |   |   |   | 13,495.5 |   |
| Selling,      general and administrative expenses |   |                              | (4,384.5 | ) |   |   | (471.7 | ) |   |   | (855.1 | ) |   |   | (1,308.8 | ) |   |   | (7,020.1 | ) |   |   | (3,611.9 | ) |   |   | (383.6 | ) |   |   | (727.3 | ) |   |   | (1,270.6 | ) |   |   | (5,993.3 | ) |
| Other      operating income/(expenses)            |   |                              | 523.6    |   |   |   | 25.9 |   |   |   | (14.7 | ) |   |   | 4.5 |   |   |   | 539.3 |   |   |   | 309.5 |   |   |   | 26.1 |   |   |   | 24.7 |   |   |   | 23.2 |   |   |   | 383.5 |   |
| Special      Items                                |   |                              | 228.1    |   |   |   | (8.4 | ) |   |   | (13.5 | ) |   |   | (9.6 | ) |   |   | 196.6 |   |   |   | (42.5 | ) |   |   | (5.5 | ) |   |   | (6.9 | ) |   |   | (4.3 | ) |   |   | (59.2 | ) |
| Operating      income                             |   |                              | 6,588.2  |   |   |   | (161.6 | ) |   |   | 1,452.4 |   |   |   | 1,299.0 |   |   |   | 9,177.9 |   |   |   | 5,532.7 |   |   |   | (170.8 | ) |   |   | 1,195.6 |   |   |   | 1,269.0 |   |   |   | 7,826.6 |   |

| (1) | Latin      America South |
|-----|--------------------------|

|                     |   | Net      SalesYear ended      December 31, |     |   |   |   |
|--------------------------|--------|-------------------------------------------------|----------|--------|--------|--------|
|                     |   | 2009                                            |     |   | 2008   |   |   | % Change |   |
|                     |   | In      millions of R$, except percentages      |     |
| Latin      America North |   |                                            | 15,414.2 |   |   |   | 66.5 | % |   |   | 13,671.9 |   |   |   | 66.0 | % |   |   | 12.7 | % |
| Brazil                   |   |                                            | 14,632.1 |   |   |   | 63.1 | % |   |   | 13,058.7 |   |   |   | 63.0 | % |   |   | 12.0 | % |
| Beer      Brazil         |   |                                            | 12,064.7 |   |   |   | 52.0 | % |   |   | 10,759.5 |   |   |   | 51.9 | % |   |   | 12.1 | % |
| CSD &      NANC |   |                                            | 2,567.4  |   |   |   | 11.1 | % |   |   | 2,299.2 |   |   |   | 11.1 | % |   |   | 11.7 | % |
| HILA-ex                  |   |                                            | 782.1    |   |   |   | 3.4 | % |   |   | 613.2 |   |   |   | 3.0 | % |   |   | 27.5 | % |
| Latin      America South |   |                                            | 3,826.5  |   |   |   | 16.5 | % |   |   | 3,300.4 |   |   |   | 15.9 | % |   |   | 15.9 | % |
| Canada                   |   |                                            | 3,953.3  |   |   |   | 17.0 | % |   |   | 3,740.9 |   |   |   | 18.1 | % |   |   | 5.7 | % |
| AmBev      Consolidated  |   |                                            | 23,194.0 |   |   |   | 100.0 | % |   |   | 20,713.2 |   |   |   | 100.0 | % |   |   | 12.0 | % |

----

|                     |   | Sales      VolumesYear ended      December 31, |      |   |   |   |
|--------------------------|--------|-----------------------------------------------------|-----------|--------|--------|--------|
|                     |   | 2009                                                |      |   | 2008   |   |   | %      Change |   |
|                     |   | (Thousands      of hectoliters, except percentages) |      |
| Latin      America North |   |                                                | 109,796.1 |   |   |   | 71.0 | % |   |   | 101,518.0 |   |   |   | 69.1 | % |   |   | 8.2 | % |
| Brazil                   |   |                                                | 103,397.8 |   |   |   | 66.8 | % |   |   | 95,093.9 |   |   |   | 64.7 | % |   |   | 8.7 | % |
| Beer      Brazil         |   |                                                | 76,277.6  |   |   |   | 49.3 | % |   |   | 69,960.9 |   |   |   | 47.6 | % |   |   | 9.0 | % |
| CSD &      NANC |   |                                                | 27,120.3  |   |   |   | 17.5 | % |   |   | 25,132.9 |   |   |   | 17.1 | % |   |   | 7.9 | % |
| HILA-ex                  |   |                                                | 6,398.2   |   |   |   | 4.1 | % |   |   | 6,424.1 |   |   |   | 4.4 | % |   |   | (0.4 | )% |
| Latin      America South |   |                                                | 33,318.7  |   |   |   | 21.5 | % |   |   | 33,697.8 |   |   |   | 22.9 | % |   |   | (1.1 | )% |
| Canada                   |   |                                                | 11,607.5  |   |   |   | 7.5 | % |   |   | 11,747.0 |   |   |   | 8.0 | % |   |   | (1.2 | )% |
| AmBev      Consolidated  |   |                                                | 154,722.3 |   |   |   | 100.0 | % |   |   | 146,962.8 |   |   |   | 100.0 | % |   |   | 5.3 | % |

|                     |   | Net      Revenues per hectoliterYear ended      December 31, |   |
|--------------------------|--------|-------------------------------------------------------------------|--------|
|                     |   | 2009                                                              |   |   | 2008 |   |   | % Change |   |
|                     |   | (In      Reais except      percentages)                           |   |
| Latin      America North |   |                                                              | 140.4  |   |   |   | 134.7 |   |   |   | 4.2 | % |
| Brazil                   |   |                                                              | 141.5  |   |   |   | 137.3 |   |   |   | 3.1 | % |
| Beer      Brazil         |   |                                                              | 158.2  |   |   |   | 153.8 |   |   |   | 2.9 | % |
| CSD &      NANC |   |                                                              | 94.7   |   |   |   | 91.5 |   |   |   | 3.5 | % |
| HILA-ex                  |   |                                                              | 122.2  |   |   |   | 95.5 |   |   |   | 28.0 | % |
| Latin      America South |   |                                                              | 114.8  |   |   |   | 97.9 |   |   |   | 17.3 | % |
| Canada                   |   |                                                              | 340.6  |   |   |   | 318.5 |   |   |   | 6.9 | % |
| AmBev      Consolidated  |   |                                                              | 149.9  |   |   |   | 140.9 |   |   |   | 6.4 | % |

----

|                     |   | COGS      per hectoliterYear ended      December 31, |   |
|--------------------------|--------|-----------------------------------------------------------|--------|
|                     |   | 2009                                                      |   |   | 2008 |   |   | % Change |   |
|                     |   | (In      Reais except      percentages)                   |   |
| Latin      America North |   |                                                      | 44.6   |   |   |   | 45.3 |   |   |   | (1.5 | )% |
| Brazil                   |   |                                                      | 42.7   |   |   |   | 44.0 |   |   |   | (3.0 | )% |
| Beer      Brazil         |   |                                                      | 44.7   |   |   |   | 46.1 |   |   |   | (2.9 | )% |
| CSD &      NANC |   |                                                      | 36.8   |   |   |   | 38.1 |   |   |   | (3.2 | )% |
| HILA-ex                  |   |                                                      | 76.5   |   |   |   | 65.5 |   |   |   | 16.7 | % |
| Latin      America South |   |                                                      | 44.7   |   |   |   | 41.4 |   |   |   | 8.1 | % |
| Canada                   |   |                                                      | 115.5  |   |   |   | 103.9 |   |   |   | 11.2 | % |
| AmBev      Consolidated  |   |                                                      | 50.0   |   |   |   | 49.1 |   |   |   | 1.8 | % |

----

|                     |   | Gross      Profit                         |     |
|--------------------------|--------|-------------------------------------------|----------|
|                     |   | 2009                                      |     |   | 2008 |   |
|                     |   | (R$      in millions, except percentages) |     |
|                     |   | Amount                                    |     |   | % |   |   | Margin |   |   | Amount |   |   | % |   |   | Margin |   |
| Latin      America North |   |                                      | 10,513.5 |   |   |   | 68.0 | % |   |   | 68.2 | % |   |   | 9,069.8 |   |   |   | 67.2 | % |   |   | 66.3 | % |
| Brazil                   |   |                                      | 10,220.8 |   |   |   | 66.1 | % |   |   | 69.9 | % |   |   | 8,877.6 |   |   |   | 65.8 | % |   |   | 68.0 | % |
| Beer      Brazil         |   |                                      | 8,652.8  |   |   |   | 56.0 | % |   |   | 71.7 | % |   |   | 7,535.3 |   |   |   | 55.8 | % |   |   | 70.0 | % |
| CSD &      NANC |   |                                      | 1,568.0  |   |   |   | 10.1 | % |   |   | 61.1 | % |   |   | 1,342.3 |   |   |   | 9.9 | % |   |   | 58.4 | % |
| HILA-ex                  |   |                                      | 292.7    |   |   |   | 1.9 | % |   |   | 37.4 | % |   |   | 192.2 |   |   |   | 1.4 | % |   |   | 31.3 | % |
| Latin      America South |   |                                      | 2,335.8  |   |   |   | 15.1 | % |   |   | 61.0 | % |   |   | 1,905.1 |   |   |   | 14.1 | % |   |   | 57.7 | % |
| Canada                   |   |                                      | 2,612.8  |   |   |   | 16.9 | % |   |   | 66.1 | % |   |   | 2,520.7 |   |   |   | 18.7 | % |   |   | 67.4 | % |
| AmBev      Consolidated  |   |                                      | 15,462.1 |   |   |   | 100.0 | % |   |   | 66.7 | % |   |   | 13,495.5 |   |   |   | 100.0 | % |   |   | 65.2 | % |

----

----

|   | ▪ | Latin America North,      consisting of: |
|--------|---------|------------------------------------------|

|   | ▪ | Latin America South,      consisting of our Quinsa countries of Argentina, Bolivia, Chile, Paraguay      and Uruguay; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Canada, consisting of      Labatt’s operations, including domestic sales in Canada and exports to the      United States. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

----

|                                        |   | Consolidated      Financial Highlights                                              |      |
|---------------------------------------------|--------|-------------------------------------------------------------------------------------|-----------|
|                                        |   | 2008                                                                                |      |   | 2007 |   |   | % Change |   |
|                                        |   | (R$      in millions, except volume amounts,percentages      and per share amounts) |      |
| IFRS                                        |   |                                                                                |      |
| Sales      volume—000 hectoliters     |   |                                                                                | 146,962.8 |   |   |   | 142,916.5 |   |   |   | 2.8 | % |
| Net      sales                              |   |                                                                                | 20,713.2  |   |   |   | 19,579.5 |   |   |   | 5.8 | % |
| Net      revenue per hectoliter—R$/hl |   |                                                                                | 140.9     |   |   |   | 137.0 |   |   |   | 2.9 | % |
| Cost      of sales                          |   |                                                                                | (7,217.6  | ) |   |   | (6,599.2 | ) |   |   | 9.4 | % |
|                                        |   |                                                                                |      |   |   |   |   |   |   |   |   |   |
| Gross      profit                           |   |                                                                                | 13,495.5  |   |   |   | 12,980.4 |   |   |   | 4.0 | % |
| Gross      margin (%)                       |   |                                                                                | 65.2      | % |   |   | 66.3 | % |   |   |   |   |
| Sales      and marketing expenses           |   |                                                                                | (4,956.3  | ) |   |   | (4,609.1 | ) |   |   | 7.5 | % |
| Administrative      expenses                |   |                                                                                | (1,037.0  | ) |   |   | (1,012.9 | ) |   |   | 2.4 | % |
| Other      operating income/expenses        |   |                                                                                | 383.5     |   |   |   | 306.8 |   |   |   | 25.0 | % |
| Special      items                          |   |                                                                                | (59.2     | ) |   |   | 72.5 |   |   | n.a. |   |
|                                        |   |                                                                                |      |   |   |   |   |   |   |   |   |   |
| Operating      income(1)                    |   |                                                                                | 7,826.5   |   |   |   | 7,737.8 |   |   |   | 1.1 | % |
| Operating      margin (%)                   |   |                                                                                | 37.8      | % |   |   | 39.5 | % |   |   |   |   |
| Net      income                             |   |                                                                                | 5,190.9   |   |   |   | 5,068.8 |   |   |   | 2.4 | % |
| Net      margin                             |   |                                                                                | 25.1      | % |   |   | 25.9 | % |   |   |   |   |

|                                   |   | Year ended December 31, |   |
|----------------------------------------|--------|----------------------------------------|--------|
|                                   |   | 2008                                   |   |   | 2007 |   |
|                                   |   | (%)                                    |   |   | (%) |   |
| IFRS                                   |   |                                   |   |   |   |   |
| Net      sales                         |   |                                   | 100.0  |   |   |   | 100.0 |   |
| Cost      of sales                     |   |                                   | (34.8  | ) |   |   | (33.7 | ) |
|                                   |   |                                   |   |   |   |   |   |   |
| Gross      profit                      |   |                                   | 65.2   |   |   |   | 66.3 |   |
| Sales      and marketing expenses      |   |                                   | (23.9  | ) |   |   | (23.5 | ) |
| Administrative      expenses           |   |                                   | (5.0   | ) |   |   | (5.2 | ) |
| Other      operating income/(expenses) |   |                                   | 1.8    |   |   |   | 1.5 |   |
| Special      items                     |   |                                   | (0.3   | ) |   |   | 0.4 |   |
|                                   |   |                                   |   |   |   |   |   |   |
| Operating      income                  |   |                                   | 37.8   |   |   |   | 39.5 |   |

|                                              |   | Year –ended      December 31, |     |
|---------------------------------------------------|--------|------------------------------------------|----------|
|                                              |   | 2008                                     |     |   | 2007 |   |
|                                              |   | Brazil                                   |     |   | Hila-Ex |   |   | LAS(1) |   |   | Canada |   |   | Total |   |   | Brazil |   |   | Hila-Ex |   |   | LAS(1) |   |   | Canada |   |   | Total |   |
| Net      sales                                    |   |                                     | 13,058.7 |   |   |   | 613.2 |   |   |   | 3,300.4 |   |   |   | 3,740.9 |   |   |   | 20,713.2 |   |   |   | 12,394.8 |   |   |   | 680.6 |   |   |   | 2,673.4 |   |   |   | 3,830.7 |   |   |   | 19,579.5 |   |
| Cost      of sales                                |   |                                     | (4,181.1 | ) |   |   | (421.0 | ) |   |   | (1,395.3 | ) |   |   | (1,220.2 | ) |   |   | (7,217.6 | ) |   |   | (3,902.3 | ) |   |   | (404.1 | ) |   |   | (1,132.0 | ) |   |   | (1,160.8 | ) |   |   | (6,599.2 | ) |
| Gross      profit                                 |   |                                     | 8,877.6  |   |   |   | 192.2 |   |   |   | 1,905.1 |   |   |   | 2,520.7 |   |   |   | 13,495.5 |   |   |   | 8,492.6 |   |   |   | 276.4 |   |   |   | 1,541.4 |   |   |   | 2,669.9 |   |   |   | 12,980.4 |   |
| Selling,      general and administrative expenses |   |                                     | (3,611.9 | ) |   |   | (383.6 | ) |   |   | (727.3 | ) |   |   | (1,270.6 | ) |   |   | (5,993.3 | ) |   |   | (3,249.5 | ) |   |   | (369.6 | ) |   |   | (651.2 | ) |   |   | (1,351.7 | ) |   |   | (5,622.0 | ) |

----

|                                   |   | Year –ended      December 31, |    |
|----------------------------------------|--------|------------------------------------------|---------|
|                                   |   | 2008                                     |    |   | 2007 |   |
|                                   |   | Brazil                                   |    |   | Hila-Ex |   |   | LAS(1) |   |   | Canada |   |   | Total |   |   | Brazil |   |   | Hila-Ex |   |   | LAS(1) |   |   | Canada |   |   | Total |   |
| Other      operating income/(expenses) |   |                                     | 309.5   |   |   |   | 26.1 |   |   |   | 24.7 |   |   |   | 23.2 |   |   |   | 383.5 |   |   |   | 324.9 |   |   |   | (1.4 | ) |   |   | (31.8 | ) |   |   | 15.0 |   |   |   | 306.8 |   |
| Special      items                     |   |                                     | (42.5   | ) |   |   | (5.5 | ) |   |   | (6.9 | ) |   |   | (4.3 | ) |   |   | (59.2 | ) |   |   | 41.5 |   |   |   | (4.4 | ) |   |   | (3.8 | ) |   |   | 39.3 |   |   |   | 72.5 |   |
| Operating      income                  |   |                                     | 5,532.7 |   |   |   | (170.8 | ) |   |   | 1,195.6 |   |   |   | 1,269.0 |   |   |   | 7,826.6 |   |   |   | 5,609.6 |   |   |   | (98.8 | ) |   |   | 854.5 |   |   |   | 1,372.4 |   |   |   | 7,737.6 |   |

| (1) | Latin      America South |
|-----|--------------------------|

|                     |   | Net      SalesYear ended      December 31, |     |   |   |   |
|--------------------------|--------|-------------------------------------------------|----------|--------|--------|--------|
|                     |   | 2008                                            |     |   | 2007   |   |   | % Change |   |
|                     |   | In      millions of R$, except percentages      |     |
| Latin      America North |   |                                            | 13,671.9 |   |   |   | 66.0 | % |   |   | 13,075.4 |   |   |   | 66.8 | % |   |   | 4.6 | % |
| Brazil                   |   |                                            | 13,058.7 |   |   |   | 63.0 | % |   |   | 12,394.8 |   |   |   | 63.3 | % |   |   | 5.4 | % |
| Beer      Brazil         |   |                                            | 10,759.5 |   |   |   | 51.9 | % |   |   | 10,283.9 |   |   |   | 52.5 | % |   |   | 4.6 | % |
| CSD &      NANC |   |                                            | 2,299.2  |   |   |   | 11.1 | % |   |   | 2,110.9 |   |   |   | 10.8 | % |   |   | 8.9 | % |
| HILA-ex                  |   |                                            | 613.2    |   |   |   | 3.0 | % |   |   | 680.6 |   |   |   | 3.5 | % |   |   | (9.9 | )% |
| Latin      America South |   |                                            | 3,300.4  |   |   |   | 15.9 | % |   |   | 2,673.4 |   |   |   | 13.6 | % |   |   | 23.5 | % |
| Canada                   |   |                                            | 3,740.9  |   |   |   | 18.1 | % |   |   | 3,830.7 |   |   |   | 19.6 | % |   |   | (2.3 | )% |
|                     |   |                                            |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AmBev      Consolidated  |   |                                            | 20,713.2 |   |   |   | 100.0 | % |   |   | 19,579.5 |   |   |   | 100.0 | % |   |   | 5.8 | % |

|                     |   | Sales      VolumesYear ended      December 31, |      |   |   |   |
|--------------------------|--------|-----------------------------------------------------|-----------|--------|--------|--------|
|                     |   | 2008                                                |      |   | 2007   |   |   | %      Change |   |
|                     |   | (Thousands      of hectoliters, except percentages) |      |
| Latin      America North |   |                                                | 101,518.0 |   |   |   | 69.1 | % |   |   | 100,885.7 |   |   |   | 70.6 | % |   |   | 0.6 | % |
| Brazil                   |   |                                                | 95,093.9  |   |   |   | 64.7 | % |   |   | 94,607.6 |   |   |   | 66.2 | % |   |   | 0.5 | % |
| Beer      Brazil         |   |                                                | 69,960.9  |   |   |   | 47.6 | % |   |   | 70,124.5 |   |   |   | 49.1 | % |   |   | (0.2 | )% |
| CSD &      NANC |   |                                                | 25,132.9  |   |   |   | 17.1 | % |   |   | 24,483.1 |   |   |   | 17.1 | % |   |   | 2.7 | % |
| HILA-ex                  |   |                                                | 6,424.1   |   |   |   | 4.4 | % |   |   | 6,278.1 |   |   |   | 4.4 | % |   |   | 2.3 | % |
| Latin      America South |   |                                                | 33,697.8  |   |   |   | 22.9 | % |   |   | 30,524.2 |   |   |   | 21.4 | % |   |   | 10.4 | % |
| Canada                   |   |                                                | 11,747.0  |   |   |   | 8.0 | % |   |   | 11,506.6 |   |   |   | 8.0 | % |   |   | 2.1 | % |
|                     |   |                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AmBev      Consolidated  |   |                                                | 146,962.8 |   |   |   | 100.0 | % |   |   | 142,916.5 |   |   |   | 100.0 | % |   |   | 2.8 | % |

|                     |   | Net      Revenues per hectoliterYear ended      December 31, |   |
|--------------------------|--------|-------------------------------------------------------------------|--------|
|                     |   | 2008                                                              |   |   | 2007 |   |   | % Change |   |
|                     |   | (In      Reais except      percentages)                           |   |
| Latin      America North |   |                                                              | 134.7  |   |   |   | 129.6 |   |   |   | 3.9 | % |
| Brazil                   |   |                                                              | 137.3  |   |   |   | 131.0 |   |   |   | 4.8 | % |
| Beer      Brazil         |   |                                                              | 153.8  |   |   |   | 146.7 |   |   |   | 4.9 | % |
| CSD &      NANC |   |                                                              | 91.5   |   |   |   | 86.2 |   |   |   | 6.1 | % |
| HILA-ex                  |   |                                                              | 95.5   |   |   |   | 108.4 |   |   |   | (11.9 | )% |
| Latin      America South |   |                                                              | 97.9   |   |   |   | 87.6 |   |   |   | 11.8 | % |

----

|                    |   | Net      Revenues per hectoliterYear ended      December 31, |   |
|-------------------------|--------|-------------------------------------------------------------------|--------|
|                    |   | 2008                                                              |   |   | 2007 |   |   | % Change |   |
|                    |   | (In      Reais except      percentages)                           |   |
| Canada                  |   |                                                              | 318.5  |   |   |   | 332.9 |   |   |   | (4.3 | )% |
|                    |   |                                                              |   |   |   |   |   |   |   |   |   |   |
| AmBev      Consolidated |   |                                                              | 140.9  |   |   |   | 137.0 |   |   |   | 2.9 | % |

----

|                     |   | COGS      per hectoliterYear ended      December 31, |   |
|--------------------------|--------|-----------------------------------------------------------|--------|
|                     |   | 2008                                                      |   |   | 2007 |   |   | % Change |   |
|                     |   | (In      Reais except      percentages)                   |   |
| Latin      America North |   |                                                      | 45.3   |   |   |   | 42.7 |   |   |   | 6.2 | % |
| Brazil                   |   |                                                      | 44.0   |   |   |   | 41.2 |   |   |   | 6.6 | % |
| Beer      Brazil         |   |                                                      | 46.1   |   |   |   | 41.8 |   |   |   | 10.3 | % |
| CSD &      NANC |   |                                                      | 38.1   |   |   |   | 39.7 |   |   |   | (4.1 | )% |
| HILA-ex                  |   |                                                      | 65.5   |   |   |   | 64.4 |   |   |   | 1.8 | % |
| Latin      America South |   |                                                      | 41.4   |   |   |   | 37.1 |   |   |   | 11.7 | % |
| Canada                   |   |                                                      | 103.9  |   |   |   | 100.9 |   |   |   | 3.0 | % |
| AmBev      Consolidated  |   |                                                      | 49.1   |   |   |   | 46.2 |   |   |   | 6.4 | % |

----

|                     |   | Gross      Profit                         |     |
|--------------------------|--------|-------------------------------------------|----------|
|                     |   | 2008                                      |     |   | 2007 |   |
|                     |   | (R$      in millions, except percentages) |     |
|                     |   | Amount                                    |     |   | % |   |   | Margin |   |   | Amount |   |   | % |   |   | Margin |   |
| Latin      America North |   |                                      | 9,069.8  |   |   |   | 67.2 | % |   |   | 66.3 | % |   |   | 8,769.1 |   |   |   | 67.5 | % |   |   | 67.1 | % |
| Brazil                   |   |                                      | 8,877.6  |   |   |   | 65.8 | % |   |   | 68.0 | % |   |   | 8,492.6 |   |   |   | 65.4 | % |   |   | 68.5 | % |
| Beer      Brazil         |   |                                      | 7,535.3  |   |   |   | 55.8 | % |   |   | 70.0 | % |   |   | 7,353.4 |   |   |   | 56.6 | % |   |   | 71.5 | % |
| CSD &      NANC |   |                                      | 1,342.3  |   |   |   | 9.9 | % |   |   | 58.4 | % |   |   | 1,139.2 |   |   |   | 8.8 | % |   |   | 54.0 | % |
| HILA-ex                  |   |                                      | 192.2    |   |   |   | 1.4 | % |   |   | 31.3 | % |   |   | 276.4 |   |   |   | 2.1 | % |   |   | 40.6 | % |
| Latin      America South |   |                                      | 1,905.1  |   |   |   | 14.1 | % |   |   | 57.7 | % |   |   | 1,541.4 |   |   |   | 11.9 | % |   |   | 57.7 | % |
| Canada                   |   |                                      | 2,520.7  |   |   |   | 18.7 | % |   |   | 67.4 | % |   |   | 2,669.9 |   |   |   | 20.6 | % |   |   | 69.7 | % |
| AmBev      Consolidated  |   |                                      | 13,495.5 |   |   |   | 100.0 | % |   |   | 65.2 | % |   |   | 12,980.4 |   |   |   | 100.0 | % |   |   | 66.3 | % |

----

----

| B. | Liquidity      and Capital Resources |
|----|--------------------------------------|

|   | ▪ | Debt      service; |
|--------|---------|--------------------|

|   | ▪ | Capital      expenditures; |
|--------|---------|----------------------------|

|   | ▪ | Share      buyback program; |
|--------|---------|-----------------------------|

|   | ▪ | Payments      of dividends and interest on shareholders’  equity; |
|--------|---------|-------------------------------------------------------------------------|

|   | ▪ | Increases      in ownership of our consolidated subsidiaries or companies in which we      have equity investments; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Investments      in companies participating in the brewing, CSD and malting      industries. |
|--------|---------|----------------------------------------------------------------------------------------------|

----

| AmBev Profile as of December 31, 2009 |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |
|---------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|------------|--------|--------|--------|--------|
| Debt      Instruments                                               |   | 2010   |   |   | 2011   |   |     | 2012   |   |   | 2013     |   |   | 2014   |     |   | Thereafter |   |   | Total  |   |
| U.S      Dollar Denominated Debt Fixed Rate                         |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |
| Notional      Amount                                                |   |   |   |   |   | (998.3 | )        |   |   |   |     |   | (939.8 | )      |     |   |       |   |   |   |   |   | (1,938.2 | ) |
| Average      Pay Rate                                               |   |   |   |   |   | 10.50  | %        |   |   |   |     |   | 8.75   | %      |     |   |       |   |   |   |   |   | 9.65 | % |
| BNDES      Currency Basket Debt Float. Rate                         |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |
| Currency      Basket Debt Floating Rate                             |   |   | (12.8  | )      |   |   | (7.1     | )      |   |   | (6.4     | )      |   |   | (6.4     | )      |       |   | (3.7   | )      |   |   |   |   |   | (36.4 | ) |
| UMBNDES      + Average Pay Rate                                     |   |   | 5.18   | %      |   |   | 5.18     | %      |   |   | 5.18     | %      |   |   | 5.18     | %      |       |   | 5.18   | %      |   |   |   |   |   | 5.18 | % |
| International      Debt                                             |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| Reais      Denominated Debt Fixed Rate                              |   |   |   |   |   |   | (714     | )      |   |   | (474     | )      |   |   |     |   |       |   |   |   |   |   |   |   |   | (1,188 | ) |
| Average      Pay Rate                                               |   |   |   |   |   |   | 15.88    | %      |   |   | 12.13    | %      |   |   |     |   |       |   |   |   |   |   |   |   |   | 14.38 | % |
| International      Debt                                             |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| CAN      Denominated Debt Float Rate - BA                           |   |   |   |   |   |   |     |   |   |   | (709.7   | )      |   |   |     |   |       |   |   |   |   |   |   |   |   | (709.7 | ) |
| BA +      Average Pay Rate                                          |   |   |   |   |   |   |     |   |   |   | 0.35     | %      |   |   |     |   |       |   |   |   |   |   |   |   |   | 0.35 | % |
| International      Debt                                             |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| CAN      Denominated Debt Fixed Rate                                |   |   |   |   |   |   | (156.7   | )      |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   | (156.7 | ) |
| Average      Pay Rate                                               |   |   |   |   |   |   | 7.50     | %      |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   | 7.50 | % |
| International      Debt                                             |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| Other      Latin America Currency Fixed Rate                        |   |   | (363.3 | )      |   |   | (12.3    | )      |   |   | (6.0     | )      |   |   | (0.1     | )      |       |   | (0.1   | )      |   |   |   |   |   | (381.8 | ) |
| Average      Pay Rate                                               |   |   | 11.81  | %      |   |   | 10.72    | %      |   |   | 8.59     | %      |   |   | 20.50    | %      |       |   | 20.50  | %      |   |   |   |   |   | 11.73 | % |
| International      Debt                                             |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| USD      Denominated Debt Fixed Rate                                |   |   | (73.2  | )      |   |   | (68.1    | )      |   |   | (52.7    | )      |   |   |     |   |       |   |   |   |   |   | (206.8 | ) |   |   | (400.8 | ) |
| Average      Pay Rate                                               |   |   | 7.21   | %      |   |   | 7.23     | %      |   |   | 7.32     | %      |   |   |     |   |       |   |   |   |   |   | 5.89 | % |   |   | 6.55 | % |
| Reais      Denominated Debt Float. Rate - TJLP                      |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                                |   |   | (152.3 | )      |   |   | (121.3   | )      |   |   | (110.8   | )      |   |   | (103.7   | )      |       |   | (55.4  | )      |   |   | (3.4 | ) |   |   | (547.0 | ) |
| TJLP      + Average Pay Rate                                        |   |   | 3.24   | %      |   |   | 3.24     | %      |   |   | 3.24     | %      |   |   | 3.24     | %      |       |   | 3.24   | %      |   |   | 3.24 | % |   |   | 3.24 | % |
| Reais      Debt - ICMS Fixed Rate                                   |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                                |   |   | (14.3  | )      |   |   | (25.1    | )      |   |   | (25.1    | )      |   |   | (19.2    | )      |       |   | (19.8  | )      |   |   | (98.6 | ) |   |   | (202.0 | ) |
| Average      Pay Rate                                               |   |   | 2.58   | %      |   |   | 2.58     | %      |   |   | 2.58     | %      |   |   | 2.58     | %      |       |   | 2.58   | %      |   |   | 2.58 | % |   |   | 2.58 | % |
| Reais      Debt - Debentures Floating Rate - CDI                    |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                                |   |   |   |   |   |   |     |   |   |   | (1,247.1 | )      |   |   |     |   |       |   |   |   |   |   |   |   |   |   | (1,247.1 | ) |
| Average      Pay Rate % CDI                                         |   |   |   |   |   |   |     |   |   |   | 102.50   | %      |   |   |     |   |       |   |   |   |   |   |   |   |   |   | 102.50 | % |
| Reais      Debt - Fixed Rate                                        |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                                |   |   | (85.0  | )      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   | (268.3 | ) |   |   | (353.3 | ) |
| Average      Pay Rate                                               |   |   | 10.09  | %      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   | 9.50 | % |   |   | 9.64 | % |
| Reais      Debt - Indust. Loan Debts Float. Rate – TR         |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                                |   |   | (100.0 | )      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   | (100.0 | ) |
| TR +      Average Pay Rate                                          |   |   | 9.82   | %      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   | 9.82 | % |
| Total      Debt                                                     |   |   | (801.1 | )      |   |   | (2,103.3 | )      |   |   | (2,631.6 | )      |   |   | (1,069.2 | )      |       |   | (79.0  | )      |   |   | (577.1 | ) |   |   | (7,261.2 | ) |

----

| Net      Debt Consolidated Position |   |
|-------------------------------------|--------|
|                                |   | 2009 |   |   | 2008 |   |
|                                |   | LC(1) |   |   | FC(2) |   |   | Total |   |   | LC(1) |   |   | FC(2) |   |   | Total |   |
| Short      Term Debt                |   |   | 359.9 |   |   |   | 441.2 |   |   |   | 801.1 |   |   |   | 2,883.2 |   |   |   | 705 |   |   |   | 3,588.2 |   |
| Long      Term Debt                 |   |   | 2,111.7 |   |   |   | 4,348.5 |   |   |   | 6,460.2 |   |   |   | 1,579.7 |   |   |   | 5,489.9 |   |   |   | 7,069.6 |   |
| Total                               |   |   | 2,471.6 |   |   |   | 4,789.7 |   |   |   | 7,261.2 |   |   |   | 4,462.9 |   |   |   | 6,194.9 |   |   |   | 10,657.8 |   |
|                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      and Cash Equivalents      |   |   |   |   |   |   |   |   |   |   | 4,042.9 |   |   |   |   |   |   |   |   |   |   |   | 3,298.9 |   |
| Bank      overdrafts                |   |   |   |   |   |   |   |   |   |   | (18.6 | ) |   |   |   |   |   |   |   |   |   |   | (18.8 | ) |
| Net      Debt                       |   |   |   |   |   |   |   |   |   |   | 3,237.0 |   |   |   |   |   |   |   |   |   |   |   | 7,377.7 |   |

| (1) | LC      – Local Currency. |
|-----|---------------------------------|

| (2) | FC      = Foreign Currency. |
|-----|-----------------------------|

| Long      Term Maturity Date |   |
|------------------------------|--------|
|                         |   |   |   |   |
| 2011                         |   |   | 2,103.3 |   |
| 2012                         |   |   | 2,631.6 |   |
| 2013                         |   |   | 1,069.2 |   |
| 2014                         |   |   | 79.0 |   |
| 2015      and Later          |   |   | 577.1 |   |
|                         |   |   |   |   |
| Total                        |   |   | 6,460.2 |   |

----

| (1) | Excludes      the current portion of long-termdebt. |
|-----|-----------------------------------------------------|

----

----

| C. | Research      and Development |
|----|-------------------------------|

| D. | Trend      Information |
|----|------------------------|

| E. | Off-balance      Sheet Arrangements |
|----|-------------------------------------|

| F. | Commitments      and contingencies (tabular disclosure of contractual      obligation) |
|----|----------------------------------------------------------------------------------------|

|                                    |   | Payments due      by period |    |
|-----------------------------------------|--------|-----------------------------|---------|
| Contractual      Obligations            |   | Total                       |    |   | Less than 1year |   |   | 1-3 years |   |   | 3-5 years |   |   | More than5 years |   |
|                                    |   | (in      millions of Reais) |    |
| Long-term      debt*                    |   |                        | 8,980.8 |   |   |   | 1,499.1 |   |   |   | 5,528.7 |   |   |   | 1,334.2 |   |   |   | 618.9 |   |
| Sales      tax deferrals                |   |                        | 615.5   |   |   |   | 6.9 |   |   |   | 171.7 |   |   |   | 131.3 |   |   |   | 305.6 |   |
| Total      contractual cash commitments |   |                        | 9,596.3 |   |   |   | 1,506.0 |   |   |   | 5,700.4 |   |   |   | 1,465.5 |   |   |   | 924.5 |   |

| * | The      long-term debt amounts presented above differ from the amounts presented      in the financial statements in that they include the Company’s best      estimates on future interest payable (not yet accrued) in order to better      reflect the Company’s future cash flowposition. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 6. | DIRECTORS,      SENIOR MANAGEMENT AND EMPLOYEES |
|--------------|-------------------------------------------------|

| A. | Directors      and Senior Management |
|----|--------------------------------------|

| Name                                       |   | Age (2) |   | Position                      |   | Director      ofAmBev Since |   | TermExpires (3) |
|--------------------------------------------|--------|--------------|--------|-------------------------------|--------|----------------------------------|--------|----------------------|
| Victório      Carlos De Marchi        |   | 71           |   | Co-Chairman      and Director |   | 1999                             |   | 2011                 |
| Carlos      Alves de Brito                 |   | 49           |   | Co-Chairman      and Director |   | 2006                             |   | 2011                 |
| Marcel      Herrmann Telles                |   | 60           |   | Director                      |   | 1999                             |   | 2011                 |
| Roberto      Moses Thompson Motta          |   | 52           |   | Director                      |   | 2008                             |   | 2011                 |
| José      Heitor Attilio Gracioso     |   | 78           |   | Director                      |   | 1999                             |   | 2011                 |
| Roberto      Herbster Gusmão          |   | 87           |   | Director                      |   | 1999                             |   | 2011                 |
| Vicente      Falconi Campos                |   | 69           |   | Director                      |   | 1999                             |   | 2011                 |
| Luis      Felipe Pedreira Dutra Leite      |   | 44           |   | Director                      |   | 2005                             |   | 2011                 |
| Luiz      Fernando Ziegler de Saint Edmond |   | 44           |   | Director                      |   | 2008                             |   | 2011                 |

| (1) | Victório      Carlos De Marchi, Co-Chairman of the Board of Directors of AmBev, was      appointed by FAHZ, the former controlling shareholder of Antarctica, while      Carlos Alves de Brito was appointed by A-B InBev and is also a Chief      Executive Officer of A-B InBev. A-B InBev appointed five additional      directors—Marcel Herrmann Telles, Roberto Moses Thompson Motta, Luis      Felipe Pedreira Dutra Leite, Luiz Fernando Ziegler de Saint Edmond and      Vicente Falconi Campos. FAHZ appointed two additional directors—José      Heitor Attílio Gracioso and Roberto Herbster  Gusmão. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Age      as of March 31, 2010. |
|-----|--------------------------------|

| (3) | Annual      General Meeting to be held in 2011. |
|-----|-------------------------------------------------|

----

----

| Name                                            |   | Age (1) |   | Position                                                                                           |   | ElectionDate |   | TermExpires |
|-------------------------------------------------|--------|--------------|--------|----------------------------------------------------------------------------------------------------|--------|--------------|--------|-------------|
| João      Mauricio Giffoni de Castro Neves |   | 43           |   | Chief      Executive Officer                                                                       |   | 2009         |   | 2011(2)     |
| Nelson      José Jamel                     |   | 38           |   | Chief      Financial Officer and Investor Relations Officer                                        |   | 2009         |   | 2012(3)     |
| Ricardo      Tadeu Almeida Cabral de Soares     |   | 34           |   | Sales      Executive Officer                                                                       |   | 2008         |   | 2010(4)     |
| Carlos      Eduardo Klützenschell Lisboa   |   | 40           |   | Marketing      Executive Officer                                                                   |   | 2005         |   | 2010(4)     |
| Nicolás      Ernesto Bamberg               |   | 53           |   | Industrial      Executive Officer                                                                  |   | 2007         |   | 2010(4)     |
| Milton      Seligman                            |   | 58           |   | Corporate      Affairs Executive Officer                                                           |   | 2005         |   | 2010(4)     |
| Pedro      de Abreu Mariani                     |   | 43           |   | General      Counsel                                                                               |   | 2005         |   | 2010(4)     |
| Ricardo      Manuel Frangatos Pires Moreira     |   | 39           |   | Executive      Officer for Hispanic Latin America (Hila-ex) and Soft Drinks Executive      Officer |   | 2008         |   | 2010(4)     |
| Rodrigo      Figueiredo de Souza                |   | 34           |   | Supply      Executive Officer                                                                      |   | 2008         |   | 2010(4)     |
| Márcio      Fróes Torres              |   | 41           |   | People      and Management Executive Officer                                                       |   | 2009         |   | 2011(2)     |

| (1) | Age      as of March 31, 2010. |
|-----|--------------------------------|

| (2) | December 31,      2011. |
|-----|------------------------------|

| (3) | January 31,      2012. |
|-----|-----------------------------|

| (4) | December 31,      2010. |
|-----|------------------------------|

----

| B. | Compensation |
|----|--------------|

----

| Entity                  |   | NoMembers            |   | Fixed Remuneration                   |   | Variable Remuneration |   | Post-EmploymentBenefit |   | TerminationBenefits |   | Share-basedPayment                |   | Total       |   |
|-------------------------|--------|---------------------------|--------|--------------------------------------|--------|-----------------------|--------|------------------------|--------|---------------------|--------|-----------------------------------|--------|-------------|--------|
| Fees                    |   | DirectandIndirectBenefits |   | Remunerationfor sitting onCommittees |   | Others                |   | Bonus                  |   | ProfitSharing       |   | Remunerationfor attendingmeetings |   | Commissions |   | Others |
| Board      of Directors |   | 9                         |   | 3,975,240                            |   | -                     |   | -                      |   | -                   |   | -                                 |   | 3,021,906   |   | - |   | - |   | - |   | - |   | - |   | 3,538,431 |   | 10,535,577 |   |
| Executive      Board    |   | 11                        |   | 17,887,490                           |   | 340,037               |   | -                      |   | -                   |   | -                                 |   | 16,315,265  |   | - |   | - |   | - |   | - |   | - |   | 22,282,237 |   | 56,825,029 |   |
| Total                   |   | 20                        |   | 21,862,730                           |   | 340,037               |   | -                      |   | -                   |   | -                                 |   | 19,337,171  |   | - |   | - |   | - |   | - |   | - |   | 25,820,668 |   | 67,360,606 |   |

----

----

----

| C. | Board      Practices |
|----|----------------------|

----

|   | ▪ | To      present medium and long-term planning proposals to the Board of      Directors; |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | ▪ | To      propose and monitor AmBev’s annual performance targets and the budgets      needed to attain the projectedgoals; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | To      monitor the Company’s standing through analysis of its results, market      developments and permanent internal and external    benchmarking; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | To      analyze and propose uniform best practicerules; |
|--------|---------|---------------------------------------------------------|

|   | ▪ | To      monitor the performance of the Company’s trademarks and innovation      strategies; |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | ▪ | To      opine in matters involving recruiting programs, variable compensation and      the spreading of the Company’s culture;and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | To      analyze, monitor and propose to the Board of Directors suggestions      regarding legal, tax and relevant regulatory  matters. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | To      analyze and monitor the Company’s annual investment  plan; |
|--------|---------|--------------------------------------------------------------------------|

|   | ▪ | To      analyze and monitor growthopportunities; |
|--------|---------|--------------------------------------------------|

|   | ▪ | To      analyze and monitor the Company’s capital structure and cash flow;      and |
|--------|---------|-------------------------------------------------------------------------------------------|

|   | ▪ | To      analyze and monitor the management of the Company’s financial risk, as      well as budgetary and treasurypolicy. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Related      party transactions; |
|--------|---------|----------------------------------|

|   | ▪ | Any      general conflict of interestsituations; |
|--------|---------|--------------------------------------------------|

----

|   | ▪ | Compliance,      by the Company, with legal, regulatory and statutory provisions concerning      related party transactions; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Monitoring      and analysis of the internal controls of the  Company; |
|--------|---------|------------------------------------------------------------------------|

|   | ▪ | Monitoring      and analysis of the fiscal profile of the  Company; |
|--------|---------|---------------------------------------------------------------------|

|   | ▪ | Compliance,      by the Company, with legal, regulatory and statutory provisions concerning      antitrust matters; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Other      matters the Board of Directors may consider relevant and in the interest      of the Company. |
|--------|---------|----------------------------------------------------------------------------------------------------------|

----

----

| D. | Employees |
|----|-----------|

| Employees      as of December 31, |
|----------------------------------------|
| 2009                                   |   | 2008 |
| 40,787                                 |   | 39,301 |

----

| Geographical Distribution of AmBev Employees as of December 31, 2009 |   |
|-------------------------------------------------------------------------------------------------------------------|--------|
| Location                                                                                                          |   | Number of Employees |   |
|                                                                                                              |   |   |   |
| Latin      America North                                                                                          |   | 30,070 |   |
| Brazil                                                                                                            |   | 26,113 |   |
| Dominican      Republic                                                                                           |   | 1,620 |   |
| Peru                                                                                                              |   | 1,274 |   |
| Venezuela                                                                                                         |   | 662 |   |
| Ecuador                                                                                                           |   | 252 |   |
| Guatemala                                                                                                         |   | 149 |   |
| Latin      America South                                                                                          |   | 7,780 |   |
| Argentina                                                                                                         |   | 4,942 |   |
| Paraguay                                                                                                          |   | 507 |   |
| Bolivia                                                                                                           |   | 1,402 |   |
| Uruguay                                                                                                           |   | 564 |   |
| Chile                                                                                                             |   | 365 |   |
| Canada                                                                                                            |   | 2,937 |   |
| Total                                                                                                             |   | 40,787 |   |

| E. | Share      Ownership |
|----|----------------------|

----

| Name                                            |   | Amount and Percentageof Common Shares |   |   | Amount and Percentageof Preferred Shares |   |
|-------------------------------------------------|--------|-----------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------|
|                                            |   |                                                      |   |   |                                                         |   |
| Victório      Carlos De Marchi (1)         |   |                                                      | *      |   |                                                         |   | * |   |
| Carlos      Alves de Brito (2)                  |   |                                                      | *      |   |                                                         |   | * |   |
| Marcel      Herrmann Telles (3)                 |   |                                                      | *      |   |                                                         |   | * |   |
| Roberto      Moses Thompson Motta               |   |                                                      | *      |   |                                                         |   | * |   |
| José      Heitor Attílio Gracioso (4) |   |                                                      | *      |   |                                                         |   | * |   |
| Roberto      Herbster Gusmão (5)           |   |                                                      | *      |   |                                                         |   | * |   |
| Vicente      Falconi Campos                     |   |                                                      | *      |   |                                                         |   | * |   |
| Luis      Felipe Pedreira Dutra Leite           |   |                                                      | *      |   |                                                         |   | * |   |
| Luiz      Fernando Ziegler de Saint Edmond      |   |                                                      | *      |   |                                                         |   | * |   |
|                                            |   |                                                      |   |   |                                                         |   | * |   |
| João      Mauricio Giffoni de Castro Neves |   |                                                      | *      |   |                                                         |   | * |   |
| Nelson      José Jamel                     |   |                                                      | *      |   |                                                         |   |   |   |
| Ricardo      Tadeu Almeida Cabral de Soares     |   |                                                      | *      |   |                                                         |   | * |   |
| Carlos      Eduardo Klützenschell Lisboa   |   |                                                      | *      |   |                                                         |   | * |   |
| Nicolás      Ernesto Bamberg               |   |                                                      | *      |   |                                                         |   | * |   |
| Milton      Seligman                            |   |                                                      | *      |   |                                                         |   | * |   |
| Pedro      de Abreu Mariani                     |   |                                                      | *      |   |                                                         |   | * |   |
| Ricardo      Manuel Frangatos Pires Moreira     |   |                                                      | *      |   |                                                         |   | * |   |
| Rodrigo      Figueiredo de Souza                |   |                                                      | *      |   |                                                         |   | * |   |
| Márcio      Fróes Torres              |   |                                                      | *      |   |                                                         |   | * |   |

| * |           Indicates      that the individual holds less than 1% of the class of      securities. |
|---|----------------------------------------------------------------------------------------------------------------------|

| (1) |            Mr. De      Marchi is a trustee of FAHZ. For information regarding the shareholding of      FAHZ, see “Major Shareholders and Related Party Transactions—AmBev’s Major      Shareholders”. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) |           Mr. Brito      is a trustee of FAHZ. For information regarding the shareholding of FAHZ,      see “Major Shareholders and Related Party Transactions—AmBev’s Major      Shareholders”. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) |            Does      not include shares owned through interest in A-B InBev. Mr. Telles is      part of the controlling group of A-B InBev, and is also an intervening      party to the AmBev Shareholders’ Agreement. See “Major Shareholders and      Related Party Transactions—Major Shareholders—AmBev Shareholders’      Agreement”. Mr. Telles is also a trustee of FAHZ. For information      regarding the shareholdings of FAHZ, see “Major Shareholders and Related      Party Transactions—Major Shareholders—AmBev’s Major      Shareholders”. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) |           Mr. Gracioso      is a trustee of FAHZ. For information regarding the shareholding of FAHZ,      see “Major Shareholders and Related Party Transactions—Major      Shareholders—AmBev’s MajorShareholders”. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) |           Mr. Gusmão      is a trustee of FAHZ. For information regarding the shareholding of FAHZ,      see “Major Shareholders and Related Party Transactions—Major      Shareholders—AmBev’s MajorShareholders”. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 7. | MAJOR      SHAREHOLDERS AND RELATED PARTYTRANSACTIONS |
|--------------|-------------------------------------------------------|

| A. | Major      Shareholders |
|----|-------------------------|

| Approval      Date          |   | Shares      Repurchased |   |                                                                                 | Amount Repurchased(R$      in thousands ) |   | Date program wasfinalized |
|-----------------------------|--------|-------------------------|--------|--------------------------------------------------------------------------------------|------------------------------------------------|--------|-------------------------------------|
| February 22,      2006 |   | (preferred)             |   |                                                                                 | 4,161,190                                      |   |                                |   | 373,008 |      | August      8, 2006 |
|                        |   | (common)                |   |                                                                                 | 213,719                                        |   |                                |   | 17,095 |   |   |
| August 8,      2006    |   | (preferred)             |   |                                                                                 | 6,022,444                                      |   |                                |   | 586,932 |   | November 14, 2006 |
|                        |   | (common)                |   |                                                                                 | 158,573                                        |   |                                |   | 13,554 |   |   |
| November 14,      2006 |   | (preferred)             |   |                                                                                 | 8,339,143                                      |   |                                |   | 870,161 |   | February      5, 2007 |
|                        |   | (common)                |   |                                                                                 | 434,694                                        |   |                                |   | 40,666 |   |   |
| February 5,      2007  |   | (preferred)             |   |                                                                                 | 7,011,446                                      |   |                                |   | 796,504 |   | May      8, 2007 |
|                        |   | (common)                |   |                | 1,314,610                                      |   |                                |   | 140,534 |   |   |

----

| Approval Date          |   | Shares Repurchased |   |                                                                                 | Amount Repurchased(R$ in thousands ) |   | Date program wasfinalized |
|-----------------------------|--------|-------------------------|--------|--------------------------------------------------------------------------------------|----------------------------------------------------------|--------|-------------------------------------|
| May 8,      2007       |   | (preferred)             |   |                                                                                 | 6,947,865                                                |   |                                |   | 924,414 |      | August      20, 2007 |
|                        |   | (common)                |   |                                                                                 | 71,245                                                   |   |                                |   | 9,185 |   |   |
| August 20,      2007   |   | (preferred)             |   |                                                                                 | 3,172,157                                                |   |                                |   | 415,094 |   | December 12, 2007 |
|                        |   | (common)                |   |                                                                                 | 420,181                                                  |   |                                |   | 55,323 |   |   |
| December 12,      2007 |   | (preferred)             |   |                                                                                 | 3,145,549                                                |   |                                |   | 394,125 |   | March      3, 2008 |
|                        |   | (common)                |   |                                                                                 | 724,393                                                  |   |                                |   | 87,710 |   |   |
| March 3,      2008     |   | (preferred)             |   |                                                                                 | 1,953,785                                                |   |                                |   | 269,190 |   | February      26, 2009 |
|                        |   | (common)                |   |                                                                                 | 386,683                                                  |   |                                |   | 48,482 |   |   |
| Total                       |   |                    |   |                | 44,477,677                                               |   |                                |   | 5,041,977 |   |   |

|                                                                                  |   | Amount and Percentageof Common Shares |        |   | Amount and Percentageof Preferred Shares |   |
|---------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|-------------|--------|--------------------------------------------------------------|--------|
| The      Bank of New–York – ADR Department (1)                            |   |                                                      | 991,015     |   |                                                         |   | 0.3 | % |   |   | 48,205,828 |   |   |   | 17.8 | % |
| Interbrew      International B.V.                                                     |   |                                                      | 226,312,995 |   |                                                         |   | 65.3 | % |   |   | 102,515,386 |   |   |   | 37.9 | % |
| AmBrew      S.A.                                                                      |   |                                                      | 30,144,882  |   |                                                         |   | 8.7 | % |   |   | 19,460,224 |   |   |   | 7.2 | % |
| FAHZ      (2)                                                                         |   |                                                      | 58,631,951  |   |                                                         |   | 16.9 | % |   |   | — |   |   |   | — |   |
| Caixa      de Previdência dos Funcionários do Banco do Brasil – PREVI |   |                                                      | 5,015,213   |   |                                                         |   | 1.5 | % |   |   | 22,570,570 |   |   |   | 8.4 | % |

| (1) |           Represents      the number of shares held in the form of ADSs. The Bank of New York is the      depositary of AmBev shares in accordance with the deposit agreement      entered into with AmBev and the owners of AmBev  ADSs. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) |           Messrs.      Telles, Brito, Dutra, De Marchi, Gracioso and Gusmão, directors of AmBev,      are also trustees of FAHZ. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | ▪ | Any      amendment to the bylaws of AmBev and/or any of its subsidiaries with the      purpose of amending: (i) the corporate purposes, (ii) the term      of duration, and/or (iii) the composition, powers and duties of the      management bodies; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Approval      of the annual investment budget of AmBev and/or any of its subsidiaries      when the amount of the investments exceed 8.7% of net sales of AmBev      foreseen for the same fiscal year; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Designation,      dismissal and substitution of the Chief Executive Officer of      AmBev; |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | ▪ | Approval      of or amendment to the compensation policy for the Board of Directors and      of the executive officers of AmBev, as well as of its      subsidiaries; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Approval      of stock ownership plans for the directors, executive officers and key      employees of AmBev and/or itssubsidiaries; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Change      in the dividend policy of AmBev and/or any of its      subsidiaries; |
|--------|---------|----------------------------------------------------------------------------------|

|   | ▪ | Increases      in the capital of AmBev and/or any of its subsidiaries, with or without      preemptive rights, through subscription, creation of a new class of      shares, or changes in the characteristics of the existing shares, as well      as decreases of capital, issuances of debentures (whether or not      convertible into shares), warrants, and the creation of founders’ shares      by AmBev and/or any of its subsidiaries except when such legal businesses      are carried out between AmBev and its subsidiaries or between the      subsidiaries; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Amalgamations,      spin-offs, transformations, mergers, acquisitions, and divestments      involving AmBev and/or any of its subsidiaries, in the latter case      (a) when such operation involves a company that is not a subsidiary,      directly or indirectly, of AmBev and (b) provided that the      transaction in question results in the reduction in the average dividend      paid by AmBev in the past five years, adjusted by the IGP-M published by      Fundação Getulio      Vargas as of the date ofpayment; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | The      creation, acquisition, assignment, transfer, establishment of an      encumbrance on and/or disposal of shares, quotas and/or any securities      issued by any of AmBev’s subsidiaries, under any title or form, except in      the benefit of AmBev and/or anothersubsidiary; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | The      incurrence by AmBev and/or any of its subsidiaries of a debt transaction      that results in a net debt/equity ratio greater than  1.5; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | The      execution, amendment, termination, renewal or cancellation of any      contracts, agreements or the like involving the registered or deposited      trademarks of AmBev or itssubsidiaries; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | The      extension of loans or the offer of guarantees of any kind by AmBev and/or      any of its subsidiaries to any third parties in an amount greater than 1%      of AmBev’s shareholders’ equity as set forth in the last audited balance      sheet prepared in accordance with Brazilian GAAP, except in favor of      employees of AmBev and its subsidiaries, or in favor of the subsidiaries      themselves; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Election      of members of committees of AmBev’s Board of  Directors; |
|--------|---------|------------------------------------------------------------------------------|

----

|   | ▪ | Cancellation      of the registration of AmBev and/or any of its subsidiaries as publicly      traded companies; |
|--------|---------|------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Petition      for an arrangement with creditors (“recuperação judicial”)      or acknowledgment of bankruptcy by AmBev and/or any of its      subsidiaries; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Liquidation      or dissolution of AmBev and/or any of its subsidiaries;  and |
|--------|---------|-------------------------------------------------------------------------------|

|   | ▪ | Appointment      of the external auditors of AmBev and/or any of its      subsidiaries. |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | ▪ | FAHZ,      AmBrew S.A. and Interbrew International B.V. have agreed (i) not to      dispose, directly or indirectly, of their shares, during the term of the      agreement, through private trades, on the stock market or on the      over-the-counter market, including by way of tender offers, either      voluntary or mandatory, except as provided for in Section VI of the AmBev      Shareholders’ Agreement, and (ii) not to create any type of      encumbrance on their shares, without the prior written consent of FAHZ, in      the case of AmBrew S.A. and Interbrew International B.V., and without the      prior written consent of AmBrew S.A. and Interbrew International B.V., in      the case of FAHZ; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | In      the event that the shares of AmBev owned by FAHZ, on the one hand, and by      AmBrew S.A. and Interbrew International B.V., on the other hand, become      subject to seizure, attachment, judicial surety or any other restrictive      measure, and such restriction is not removed or waived within 30 days      after its imposition, the shares subject to the restriction shall be      automatically deemed offered for sale to the other party. This offer will      remain open for 30 days, and the price for the AmBev shares will be the      lesser of either (i) the book value of the AmBev shares, as per the      latest audited balance sheet of AmBev, prepared in accordance with      Brazilian GAAP, and adjusted by the IGP-M inflation index or (ii) the      average quoted market price of the AmBev shares on stock exchanges in the      20 days prior to the petition for removal or waiver of the restriction. If      the obligations in respect of such restriction exceed the above price, the      party whose shares have been subject to the restriction will be liable for      the difference that the other party may be required to deposit in order to      acquire the shares. If the obligations in respect of such restriction were      lower than the price for the AmBev shares as described above, then the      party whose shares have been subject to the restriction will be entitled      to receive the difference between the price for the AmBev shares and the      obligations in respect of such restriction;and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | If      any of FAHZ, on the one hand, and AmBrew S.A. and Interbrew International      B.V., on the other hand, intends to dispose of subscription rights      relating to AmBev shares that it holds, it must first offer such rights to      the other party, who will then be required to exercise its right of first      refusal to subscribe the new shares to be issued, within 10      days. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| B. | Related      Party Transactions |
|----|---------------------------------|

|   | ▪ | terminating      the then-existing services agreement among those entities before the Incorporação; |
|--------|---------|---------------------------------------------------------------------------------------------------------------|

|   | ▪ | Labatt      providing to InBev, on an hourly basis, certain administrative services      such as tax support services, internal audit services and legal services;      and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | InBev      providing to Labatt, on an hourly basis, administrative services such as      internal audit services, legal advice and IT  support. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ITEM 8. | FINANCIAL      INFORMATION |
|--------------|----------------------------|

| A. | Consolidated      Financial Statements and Other Financial  Information |
|----|-------------------------------------------------------------------------|

----

----

----

----

----

----

----

| B. | Significant      Changes |
|----|--------------------------|

----

| ITEM 9. | THE      OFFER AND LISTING |
|--------------|----------------------------|

| A. | Principal      Market and Trading Market PriceInformation |
|----|-----------------------------------------------------------|

| Trading Prices on the BM&FBOVESPA: Common and      Preferred Shares |   |
|-------------------------------------------------------------------------|--------|
|                                                                    |   | Per Common Share |   |   | Per Preferred Share |   |
|                                                                    |   | High |   |   | Low |   |   | High |   |   | Low |   |
|                                                                    |   | (in Reais) |   |   | (in Reais) |   |
| Annual                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                    |   |   | 159.25 |   |   |   | 138.03 |   |   |   | 186.38 |   |   |   | 163.00 |   |
| 2009                                                                    |   |   | 150.00 |   |   |   | 75.80 |   |   |   | 174.90 |   |   |   | 90.13 |   |
| 2008                                                                    |   |   | 133.00 |   |   |   | 72.00 |   |   |   | 146.80 |   |   |   | 86.00 |   |
| 2007                                                                    |   |   | 142.59 |   |   |   | 92.18 |   |   |   | 146.00 |   |   |   | 102.45 |   |
| 2006                                                                    |   |   | 94.41 |   |   |   | 73.91 |   |   |   | 105.35 |   |   |   | 80.36 |   |
| 2005                                                                    |   |   | 116.65 |   |   |   | 49.96 |   |   |   | 90.16 |   |   |   | 55.68 |   |
| Quarterly                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                      |   |   | 159.25 |   |   |   | 138.03 |   |   |   | 186.38 |   |   |   | 163.00 |   |
| 2009                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                      |   |   | 92.80 |   |   |   | 75.80 |   |   |   | 112.02 |   |   |   | 90.13 |   |
| Second      Quarter                                                     |   |   | 110.47 |   |   |   | 90.32 |   |   |   | 132.80 |   |   |   | 109.20 |   |
| Third      Quarter                                                      |   |   | 126.50 |   |   |   | 105.10 |   |   |   | 146.26 |   |   |   | 125.51 |   |
| Fourth      Quarter                                                     |   |   | 150.00 |   |   |   | 128.66 |   |   |   | 174.90 |   |   |   | 148.99 |   |
| 2008                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                      |   |   | 133.00 |   |   |   | 106.60 |   |   |   | 146.80 |   |   |   | 116.60 |   |
| Second      Quarter                                                     |   |   | 120.00 |   |   |   | 95.23 |   |   |   | 139.09 |   |   |   | 100.61 |   |
| Third      Quarter                                                      |   |   | 94.00 |   |   |   | 79.38 |   |   |   | 107.20 |   |   |   | 89.71 |   |
| Fourth      Quarter                                                     |   |   | 91.00 |   |   |   | 72.00 |   |   |   | 110.90 |   |   |   | 86.00 |   |
| 2007                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                      |   |   | 107.31 |   |   |   | 92.18 |   |   |   | 113.45 |   |   |   | 102.45 |   |
| Second      Quarter                                                     |   |   | 141.80 |   |   |   | 107.51 |   |   |   | 143.00 |   |   |   | 113.15 |   |
| Third      Quarter                                                      |   |   | 141.20 |   |   |   | 115.00 |   |   |   | 142.00 |   |   |   | 118.16 |   |
| Fourth      Quarter                                                     |   |   | 142.59 |   |   |   | 122.20 |   |   |   | 146.00 |   |   |   | 122.48 |   |
| 2006                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                      |   |   | 81.73 |   |   |   | 73.91 |   |   |   | 94.76 |   |   |   | 85.96 |   |
| Second      Quarter                                                     |   |   | 90.92 |   |   |   | 74.34 |   |   |   | 101.35 |   |   |   | 80.36 |   |
| Third      Quarter                                                      |   |   | 88.22 |   |   |   | 77.93 |   |   |   | 98.96 |   |   |   | 86.16 |   |
| Fourth      Quarter                                                     |   |   | 94.41 |   |   |   | 82.93 |   |   |   | 105.35 |   |   |   | 91.41 |   |
| 2005                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                      |   |   | 116.65 |   |   |   | 87.42 |   |   |   | 70.13 |   |   |   | 55.68 |   |
| Second      Quarter                                                     |   |   | 79.10 |   |   |   | 49.96 |   |   |   | 75.25 |   |   |   | 58.66 |   |
| Third      Quarter                                                      |   |   | 67.95 |   |   |   | 58.15 |   |   |   | 83.46 |   |   |   | 72.47 |   |
| Fourth      Quarter                                                     |   |   | 77.13 |   |   |   | 61.45 |   |   |   | 90.16 |   |   |   | 74.97 |   |

----

| Trading Prices on the BM&FBOVESPA: Common and      Preferred Shares |   |
|-------------------------------------------------------------------------|--------|
|                                                                    |   | Per Common Share |   |   | Per Preferred Share |   |
|                                                                    |   | High |   |   | Low |   |   | High |   |   | Low |   |
|                                                                    |   | (in Reais) |   |   | (in Reais) |   |
| Monthly                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                 |   |   | 159.25 |   |   |   | 150.00 |   |   |   | 186.38 |   |   |   | 173.00 |   |
| February                                                                |   |   | 157.50 |   |   |   | 143.57 |   |   |   | 179.50 |   |   |   | 165.75 |   |
| March                                                                   |   |   | 150.90 |   |   |   | 138.03 |   |   |   | 177.50 |   |   |   | 163.00 |   |
| 2009                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                 |   |   | 89.00 |   |   |   | 78.99 |   |   |   | 106.50 |   |   |   | 93.30 |   |
| February                                                                |   |   | 85.90 |   |   |   | 79.22 |   |   |   | 102.00 |   |   |   | 93.26 |   |
| March                                                                   |   |   | 92.80 |   |   |   | 75.80 |   |   |   | 112.02 |   |   |   | 90.13 |   |
| April                                                                   |   |   | 98.96 |   |   |   | 90.32 |   |   |   | 123.52 |   |   |   | 109.20 |   |
| May                                                                     |   |   | 110.47 |   |   |   | 98.96 |   |   |   | 132.80 |   |   |   | 120.70 |   |
| June                                                                    |   |   | 110.47 |   |   |   | 103.00 |   |   |   | 132.80 |   |   |   | 125.10 |   |
| July                                                                    |   |   | 111.77 |   |   |   | 105.10 |   |   |   | 135.01 |   |   |   | 125.51 |   |
| August                                                                  |   |   | 122.00 |   |   |   | 110.00 |   |   |   | 141.80 |   |   |   | 134.00 |   |
| September                                                               |   |   | 126.50 |   |   |   | 117.95 |   |   |   | 146.26 |   |   |   | 136.70 |   |
| October                                                                 |   |   | 141.75 |   |   |   | 128.66 |   |   |   | 165.02 |   |   |   | 148.99 |   |
| November                                                                |   |   | 148.00 |   |   |   | 134.50 |   |   |   | 174.71 |   |   |   | 159.00 |   |
| December                                                                |   |   | 150.00 |   |   |   | 137.99 |   |   |   | 174.90 |   |   |   | 163.62 |   |
| 2008                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                 |   |   | 123.80 |   |   |   | 106.60 |   |   |   | 131.05 |   |   |   | 116.60 |   |
| February                                                                |   |   | 133.00 |   |   |   | 115.98 |   |   |   | 146.80 |   |   |   | 128.00 |   |
| March                                                                   |   |   | 130.00 |   |   |   | 115.99 |   |   |   | 142.70 |   |   |   | 130.40 |   |
| April                                                                   |   |   | 120.00 |   |   |   | 106.99 |   |   |   | 139.09 |   |   |   | 119.87 |   |
| May                                                                     |   |   | 115.99 |   |   |   | 104.90 |   |   |   | 131.30 |   |   |   | 113.01 |   |
| June                                                                    |   |   | 106.00 |   |   |   | 95.23 |   |   |   | 114.85 |   |   |   | 100.61 |   |
| July                                                                    |   |   | 93.00 |   |   |   | 79.38 |   |   |   | 99.00 |   |   |   | 89.71 |   |
| August                                                                  |   |   | 88.99 |   |   |   | 82.49 |   |   |   | 102.90 |   |   |   | 91.00 |   |
| September                                                               |   |   | 94.00 |   |   |   | 85.50 |   |   |   | 107.20 |   |   |   | 95.74 |   |
| October                                                                 |   |   | 91.00 |   |   |   | 72.00 |   |   |   | 105.50 |   |   |   | 86.00 |   |
| November                                                                |   |   | 89.99 |   |   |   | 78.50 |   |   |   | 109.29 |   |   |   | 93.00 |   |
| December                                                                |   |   | 90.00 |   |   |   | 78.00 |   |   |   | 110.90 |   |   |   | 94.98 |   |
| 2007                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                 |   |   | 98.61 |   |   |   | 92.18 |   |   |   | 110.34 |   |   |   | 102.45 |   |
| February                                                                |   |   | 103.81 |   |   |   | 96.67 |   |   |   | 113.15 |   |   |   | 102.95 |   |
| March                                                                   |   |   | 107.31 |   |   |   | 98.92 |   |   |   | 113.45 |   |   |   | 102.65 |   |
| April                                                                   |   |   | 118.10 |   |   |   | 107.51 |   |   |   | 122.05 |   |   |   | 113.15 |   |
| May                                                                     |   |   | 132.10 |   |   |   | 119.00 |   |   |   | 133.50 |   |   |   | 121.50 |   |
| June                                                                    |   |   | 141.80 |   |   |   | 132.00 |   |   |   | 143.00 |   |   |   | 131.30 |   |
| July                                                                    |   |   | 141.20 |   |   |   | 132.00 |   |   |   | 142.00 |   |   |   | 129.50 |   |
| August                                                                  |   |   | 135.00 |   |   |   | 115.00 |   |   |   | 136.00 |   |   |   | 118.16 |   |
| September                                                               |   |   | 135.82 |   |   |   | 126.70 |   |   |   | 135.50 |   |   |   | 127.30 |   |
| October                                                                 |   |   | 142.00 |   |   |   | 135.49 |   |   |   | 146.00 |   |   |   | 135.00 |   |
| November                                                                |   |   | 142.59 |   |   |   | 122.20 |   |   |   | 143.00 |   |   |   | 122.48 |   |
| December                                                                |   |   | 131.99 |   |   |   | 122.47 |   |   |   | 138.00 |   |   |   | 127.00 |   |

----

| Trading Prices on the New York Stock Exchange: ADRs Representing Common and Preferred Shares |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                          |   | Per Common Share ADR |   |   | Per Preferred Share ADR |   |
|                                                                                                                                                          |   | High |   |   | Low |   |   | High |   |   | Low |   |
|                                                                                                                                                          |   | (      in U.S.$      ) |   |   | (      in U.S.$      ) |   |
| Annual                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                                                                                                          |   |   | 90.93 |   |   |   | 77.00 |   |   |   | 106.09 |   |   |   | 89.11 |   |
| 2009                                                                                                                                                          |   |   | 87.00 |   |   |   | 31.07 |   |   |   | 102.22 |   |   |   | 37.11 |   |
| 2008                                                                                                                                                          |   |   | 79.75 |   |   |   | 30.07 |   |   |   | 88.22 |   |   |   | 36.51 |   |
| 2007                                                                                                                                                          |   |   | 80.00 |   |   |   | 42.67 |   |   |   | 82.48 |   |   |   | 47.75 |   |
| 2006                                                                                                                                                          |   |   | 44.06 |   |   |   | 31.59 |   |   |   | 49.14 |   |   |   | 34.02 |   |
| 2005                                                                                                                                                          |   |   | 43.75 |   |   |   | 21.45 |   |   |   | 40.43 |   |   |   | 20.99 |   |
| 2004                                                                                                                                                          |   |   | 43.38 |   |   |   | 17.08 |   |   |   | 24.49 |   |   |   | 14.01 |   |
| 2003                                                                                                                                                          |   |   | 17.17 |   |   |   | 9.94 |   |   |   | 22.05 |   |   |   | 11.24 |   |
| 2002                                                                                                                                                          |   |   | 15.63 |   |   |   | 8.48 |   |   |   | 18.58 |   |   |   | 9.25 |   |

----

| Trading      Prices on the New York Stock Exchange: ADRs Representing Common and      Preferred Shares |   |
|--------------------------------------------------------------------------------------------------------|--------|
|                                                                                                   |   | Per Common Share ADR |   |   | Per Preferred Share ADR |   |
|                                                                                                   |   | High |   |   | Low |   |   | High |   |   | Low |   |
|                                                                                                   |   | (      in U.S.$      ) |   |   | (      in U.S.$      ) |   |
| Quarterly                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                                                     |   |   | 90.93 |   |   |   | 77.00 |   |   |   | 106.09 |   |   |   | 89.11 |   |
| 2009                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                                                     |   |   | 40.46 |   |   |   | 31.07 |   |   |   | 50.13 |   |   |   | 37.11 |   |
| Second      Quarter                                                                                    |   |   | 56.40 |   |   |   | 40.45 |   |   |   | 67.80 |   |   |   | 49.14 |   |
| Third      Quarter                                                                                     |   |   | 70.68 |   |   |   | 53.00 |   |   |   | 82.26 |   |   |   | 63.05 |   |
| Fourth      Quarter                                                                                    |   |   | 87.00 |   |   |   | 72.01 |   |   |   | 102.22 |   |   |   | 83.26 |   |
| 2008                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                                                     |   |   | 79.75 |   |   |   | 60.26 |   |   |   | 88.22 |   |   |   | 64.45 |   |
| Second      Quarter                                                                                    |   |   | 70.42 |   |   |   | 59.37 |   |   |   | 80.50 |   |   |   | 63.25 |   |
| Third      Quarter                                                                                     |   |   | 57.58 |   |   |   | 41.82 |   |   |   | 65.10 |   |   |   | 49.37 |   |
| Fourth      Quarter                                                                                    |   |   | 47.50 |   |   |   | 30.07 |   |   |   | 55.69 |   |   |   | 36.51 |   |
| 2007                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                                                     |   |   | 52.15 |   |   |   | 42.67 |   |   |   | 54.96 |   |   |   | 47.75 |   |
| Second      Quarter                                                                                    |   |   | 74.59 |   |   |   | 52.44 |   |   |   | 75.12 |   |   |   | 54.96 |   |
| Third      Quarter                                                                                     |   |   | 76.62 |   |   |   | 56.92 |   |   |   | 76.94 |   |   |   | 55.57 |   |
| Fourth      Quarter                                                                                    |   |   | 80.00 |   |   |   | 64.64 |   |   |   | 82.48 |   |   |   | 65.75 |   |
| 2006                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                                                     |   |   | 37.70 |   |   |   | 33.25 |   |   |   | 44.35 |   |   |   | 38.54 |   |
| Second      Quarter                                                                                    |   |   | 43.84 |   |   |   | 31.59 |   |   |   | 48.57 |   |   |   | 34.02 |   |
| Third      Quarter                                                                                     |   |   | 40.50 |   |   |   | 34.95 |   |   |   | 45.90 |   |   |   | 38.71 |   |
| Fourth      Quarter                                                                                    |   |   | 44.06 |   |   |   | 38.55 |   |   |   | 49.14 |   |   |   | 42.57 |   |
| 2005                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| First      Quarter                                                                                     |   |   | 43.75 |   |   |   | 35.00 |   |   |   | 26.55 |   |   |   | 20.99 |   |
| Second      Quarter                                                                                    |   |   | 25.50 |   |   |   | 21.45 |   |   |   | 31.24 |   |   |   | 23.26 |   |
| Third      Quarter                                                                                     |   |   | 30.11 |   |   |   | 23.65 |   |   |   | 37.29 |   |   |   | 29.30 |   |
| Fourth      Quarter                                                                                    |   |   | 34.70 |   |   |   | 27.15 |   |   |   | 40.43 |   |   |   | 33.27 |   |
| Monthly                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2010                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                                                |   |   | 90.93 |   |   |   | 78.40 |   |   |   | 106.09 |   |   |   | 92.56 |   |
| February                                                                                               |   |   | 86.03 |   |   |   | 77.51 |   |   |   | 100.60 |   |   |   | 89.11 |   |
| March                                                                                                  |   |   | 85.50 |   |   |   | 77.00 |   |   |   | 100.52 |   |   |   | 91.26 |   |
| 2009                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                                                |   |   | 39.20 |   |   |   | 32.85 |   |   |   | 46.72 |   |   |   | 38.94 |   |
| February                                                                                               |   |   | 38.39 |   |   |   | 34.00 |   |   |   | 45.19 |   |   |   | 40.45 |   |
| March                                                                                                  |   |   | 40.46 |   |   |   | 31.07 |   |   |   | 50.13 |   |   |   | 37.11 |   |
| April                                                                                                  |   |   | 46.20 |   |   |   | 40.45 |   |   |   | 56.38 |   |   |   | 49.14 |   |
| May                                                                                                    |   |   | 54.50 |   |   |   | 46.60 |   |   |   | 65.50 |   |   |   | 57.21 |   |
| June                                                                                                   |   |   | 56.40 |   |   |   | 51.23 |   |   |   | 67.80 |   |   |   | 62.29 |   |
| July                                                                                                   |   |   | 58.85 |   |   |   | 53.00 |   |   |   | 71.10 |   |   |   | 63.05 |   |
| August                                                                                                 |   |   | 65.02 |   |   |   | 59.95 |   |   |   | 77.48 |   |   |   | 72.59 |   |
| September                                                                                              |   |   | 70.68 |   |   |   | 62.02 |   |   |   | 82.26 |   |   |   | 72.22 |   |
| October                                                                                                |   |   | 82.75 |   |   |   | 72.01 |   |   |   | 96.42 |   |   |   | 83.26 |   |
| November                                                                                               |   |   | 87.00 |   |   |   | 75.05 |   |   |   | 102.22 |   |   |   | 90.46 |   |
| December                                                                                               |   |   | 86.76 |   |   |   | 79.31 |   |   |   | 101.67 |   |   |   | 94.34 |   |
| 2008                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                                                |   |   | 70.99 |   |   |   | 60.26 |   |   |   | 76.89 |   |   |   | 64.45 |   |
| February                                                                                               |   |   | 79.75 |   |   |   | 65.00 |   |   |   | 88.22 |   |   |   | 72.15 |   |
| March                                                                                                  |   |   | 77.20 |   |   |   | 65.40 |   |   |   | 85.17 |   |   |   | 75.55 |   |
| April                                                                                                  |   |   | 70.42 |   |   |   | 62.65 |   |   |   | 80.50 |   |   |   | 70.52 |   |
| May                                                                                                    |   |   | 69.61 |   |   |   | 64.26 |   |   |   | 79.15 |   |   |   | 68.67 |   |

----

| Trading      Prices on the New York Stock Exchange: ADRs Representing Common and      Preferred Shares |   |
|--------------------------------------------------------------------------------------------------------|--------|
|                                                                                                   |   | Per Common Share ADR |   |   | Per Preferred Share ADR |   |
|                                                                                              |   | High |   |   | Low |   |   | High |   |   | Low |   |
|                                                                                                   |   | (      in U.S.$      ) |   |   | (      in U.S.$      ) |   |
| June                                                                                                   |   |   | 64.58 |   |   |   | 59.37 |   |   |   | 70.00 |   |   |   | 63.25 |   |
| July                                                                                                   |   |   | 57.58 |   |   |   | 50.20 |   |   |   | 61.98 |   |   |   | 57.31 |   |
| August                                                                                                 |   |   | 56.11 |   |   |   | 52.40 |   |   |   | 65.10 |   |   |   | 58.72 |   |
| September                                                                                              |   |   | 52.23 |   |   |   | 41.82 |   |   |   | 60.94 |   |   |   | 49.37 |   |
| October                                                                                                |   |   | 47.50 |   |   |   | 30.07 |   |   |   | 55.69 |   |   |   | 36.51 |   |
| November                                                                                               |   |   | 40.05 |   |   |   | 30.24 |   |   |   | 50.44 |   |   |   | 39.95 |   |
| December                                                                                               |   |   | 39.30 |   |   |   | 30.80 |   |   |   | 48.80 |   |   |   | 37.96 |   |
| 2007                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January                                                                                                |   |   | 46.54 |   |   |   | 42.67 |   |   |   | 51.96 |   |   |   | 47.83 |   |
| February                                                                                               |   |   | 49.33 |   |   |   | 45.67 |   |   |   | 54.13 |   |   |   | 48.33 |   |
| March                                                                                                  |   |   | 52.15 |   |   |   | 45.88 |   |   |   | 54.96 |   |   |   | 47.75 |   |
| April                                                                                                  |   |   | 57.99 |   |   |   | 52.44 |   |   |   | 60.02 |   |   |   | 55.29 |   |
| May                                                                                                    |   |   | 67.86 |   |   |   | 57.30 |   |   |   | 68.60 |   |   |   | 59.10 |   |
| June                                                                                                   |   |   | 74.59 |   |   |   | 66.38 |   |   |   | 75.12 |   |   |   | 66.16 |   |
| July                                                                                                   |   |   | 76.62 |   |   |   | 70.00 |   |   |   | 76.94 |   |   |   | 68.50 |   |
| August                                                                                                 |   |   | 70.36 |   |   |   | 56.92 |   |   |   | 70.59 |   |   |   | 55.57 |   |
| September                                                                                              |   |   | 70.79 |   |   |   | 65.02 |   |   |   | 73.13 |   |   |   | 65.23 |   |
| October                                                                                                |   |   | 80.00 |   |   |   | 74.10 |   |   |   | 81.71 |   |   |   | 75.67 |   |
| November                                                                                               |   |   | 80.00 |   |   |   | 64.64 |   |   |   | 82.48 |   |   |   | 65.75 |   |
| December                                                                                               |   |   | 73.88 |   |   |   | 66.54 |   |   |   | 76.94 |   |   |   | 69.44 |   |

| B. | Regulation      of the Brazilian Securities Market |
|----|----------------------------------------------------|

----

----

| ITEM 10. | ADDITIONAL      INFORMATION |
|---------------|-----------------------------|

| A. | Memorandum      and Articles of Association |
|----|---------------------------------------------|

|   | (i) | priority      in the reimbursement of capital in case of company’s liquidation;      and |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (ii) | the      right to receive dividends in an amount per share at least 10% higher than      the amount per share paid to holders of common  shares. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Reductions      that may be caused by amounts contributed for the purpose of meeting the      charges of the assistance foundation (in our case, FAHZ) for employees and      management of the Company and its controlled companies, with due regard      for the rules established by the Board of Directors to this effect. Up to      10% of the distributable amount may be contributed under this      concept; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Reductions      caused by amounts allocated to the “Legal Reserve” or contingency      reserves. See “—Reserves”; and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Increases      caused by reversals of reserves constituted in prior  years. |
|--------|---------|-----------------------------------------------------------------------------|

----

----

----

|   | (i) | Our      net positive results, if any, from the equity method of accounting for      earnings and losses of our subsidiaries and certain affiliates;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The      net profits, net gains or net return obtained on transactions or on      accounting of assets and liabilities based on their market value, to be      completed after the end of the following fiscal  year. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   |  (a) | Creating      preferred shares or increasing disproportionately an existing class of      preferred shares relative to the other classes of shares, unless such      action is provided for or authorized by the  bylaws; |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  (b) | Modifying      a preference, privilege or condition of redemption or amortization      conferred on one or more classes of preferred shares, or creating a new      class with greater privileges than those of the existing classes of      preferred shares; |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  (c) | Reducing      the mandatory dividend; |
|--------|-----------|---------------------------------------|

|   |  (d) | Merging      AmBev with another company or consolidating or splitting    it; |
|--------|-----------|------------------------------------------------------------------------------|

|   |  (e) | Changing      the corporate purpose of AmBev; and |
|--------|-----------|---------------------------------------------------|

|   |  (f) | Dissolving      AmBev or ceasing its liquidationstatus. |
|--------|-----------|---------------------------------------------------------|

----

|   | ▪ | Create      preferred shares or increase disproportionately an existing class of      preferred shares relative to the other classes of shares, unless such      action is provided for or authorized by AmBev’s  bylaws; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Codify      a preference, privilege or condition of redemption or amortization      conferred on one or more classes of preferred shares, or create a new      class with greater privileges than the existing classes of preferred      shares; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Reduce      the mandatory dividend; |
|--------|---------|-------------------------------------|

|   | ▪ | Merge      or consolidate AmBev with anothercompany; |
|--------|---------|------------------------------------------------------|

|   | ▪ | Change      the corporate objectives of AmBev; |
|--------|---------|------------------------------------------------|

|   | ▪ | Split      AmBev, if the new entities resulting from the split have different      principal corporate purposes, a lower minimum mandatory dividend or      participate in a centralized group ofcompanies; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Transform      AmBev into another corporate type; |
|--------|---------|---------------------------------------------------|

|   | ▪ | Transform      AmBev into a wholly owned subsidiary of another company;  or |
|--------|---------|-----------------------------------------------------------------------------|

|   | ▪ | Approve      the acquisition of another company, the price of which exceeds the limits      set forth in Brazilian CorporateLaw. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Upon      a sale of control, the acquiror is required to launch a tender offer to      purchase all minority voting shares at a price equal to at least 80% of      the price per share paid for the controlling  stake; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | If      provided for in the bylaws, disputes among our shareholders will be      subject to arbitration. Our bylaws currently do not provide for      arbitration; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Delisting      of a public company is subject to an administrative proceeding before the      CVM, having as a condition the conduction of a tender offer by the      controlling shareholder or the corporation itself for the acquisition of      all outstanding shares (defined as those owned by shareholders other than      the controlling shareholder, officers and directors) at a fair price, as      determined by an independent appraiser. Shareholders holding more than      two-thirds of the free float of shares must accept the tender offer or      must expressly agree with the delisting (for this purpose, the free float      of shares must be considered those held by shareholders that have either      accepted the delisting or theoffer); |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | In      addition, if a controlling shareholder or group of controlling      shareholders acquires additional shares in excess of one-third of the free      float of shares in any class, a mandatory tender offer is required for all      the outstanding shares in that class. The same requirement applies      whenever (i) a shareholder or group of shareholders representing the      same interest, and holding more than 50% of the shares in any class from      March 7, 2002 (when CVM’s Normative Ruling No. 361 became effective,      except for public companies existing in September 5, 2000, in which      case this initial date will prevail), acquires a further interest of 10%      or more of that same class of shares within a 12-month period; and      (ii) the CVM determines, within six months after being informed, that      the acquisition restricts the liquidity of the  shares; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Upon      the occurrence of a tender offer aiming at delisting the Company or      through which our controlling shareholders acquire more than one-third of      the free float shares, the purchase price shall be equal to the fair value      of the shares considering the total number of outstanding      shares; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Members      of our Board of Directors elected by the non-controlling shareholders have      the right to veto the choice of the independent accountant by the Board.      All of AmBev’s directors have been appointed by the controlling      shareholders; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Our      controlling shareholders, the shareholders that elect members to our Board      of Directors and to the Conselho Fiscal, the      members of our Board of Directors and Conselho Fiscal and our      executive officers are required to disclose any purchase or sale of our      shares to the CVM and to the BM&FBOVESPA;  and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | The      chairman of any shareholders’ or Board of Directors’ meeting shall      disregard any vote that is rendered against provisions of any      shareholders’ agreement if that shareholders’ agreement has been duly      filed with us. The AmBev Shareholders’ Agreement has been duly filed with      us. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Material      Contracts |
|----|-------------------------|

----

----

| C. | Exchange      Controls and other Limitations Affecting Security  Holders |
|----|--------------------------------------------------------------------------|

| D. | Taxation |
|----|----------|

----

----

----

|   | ▪ | 50%      of net income (after social contribution on net profits, and before taking      such distribution and any deductions for corporate income tax into      account) for the period in respect of which the payment is made;      or |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | 50%      of the sum of retained earnings and profit reserves as of the initial date      of the period in respect of which the payment is  made. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | inflow      related to transactions carried out in the Brazilian financial and capital      markets, including investments in our common shares or preferred shares by      investors which register their investment under Resolution No. 2,689,      2%; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | outflow      related to the return of the investment mentioned under item (i) above,      zero; and |
|--------|------|-----------------------------------------------------------------------------------------------------|

|   | (iii) | outflow      related to the payment of dividends and interest on shareholders’ equity      in connection with the investment mentioned under item (i) above,      zero. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Insurance      companies; |
|--------|---------|---------------------------|

|   | ▪ | Tax-exempt      organizations; |
|--------|---------|--------------------------------|

|   | ▪ | Dealers      in securities or currencies; |
|--------|---------|-------------------------------------------|

|   | ▪ | Traders      in securities that elect to use a mark-to-market method of accounting for      their securities holdings; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Banks,      mutual funds or other financialinstitutions; |
|--------|---------|----------------------------------------------------------|

|   | ▪ | Partnerships      or other entities treated as partnerships for U.S. federal income tax      purposes; |
|--------|---------|--------------------------------------------------------------------------------------------------------|

|   | ▪ | U.S.      holders (as defined below) whose functional currency for tax purposes is      not the United States dollar; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------|

|   | ▪ | United      States expatriates; |
|--------|---------|---------------------------------|

|   | ▪ | An      S corporation or small business investment  company; |
|--------|---------|--------------------------------------------------------------|

|   | ▪ | Real      estate investment trusts; |
|--------|---------|-------------------------------------|

|   | ▪ | Investors      in a pass-through entity; |
|--------|---------|------------------------------------------|

|   | ▪ | Holders      of preferred shares, preferred ADSs, common shares or common ADSs as part      of a hedge, straddle, conversion or other integrated transaction, for tax      purposes; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Holders      who own, directly, indirectly or constructively, 10% or more of the total      combined voting power of our stock (including by way of owning preferred      shares, preferred ADSs, common shares or common ADSs);  or |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Holders      who acquired their preferred shares, preferred ADSs, common shares or      common ADSs as compensation. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | A      citizen or resident of the UnitedStates; |
|--------|---------|-------------------------------------------------|

|   | ▪ | A      corporation, or any other entity taxable as a corporation, created or      organized in or under the laws of the United States or any state thereof      or the District of Columbia; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | An      estate the income of which is subject to U.S. federal income tax      regardless of its source; or |
|--------|---------|------------------------------------------------------------------------------------------------------------|

|   | ▪ | A      trust if (i) a court within the United States is able to exercise      primary supervision over its administration and one or more United States      persons have the authority to control all substantial decisions of the      trust or (ii) the trust has in effect a valid election to be subject      to tax as a U.S. person. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E. | Preferred      Shares, Preferred ADSs, Common Shares, Common  ADSs |
|----|--------------------------------------------------------------------|

----

----

----

----

| F. | Where      You Can Find More Information |
|----|------------------------------------------|

|   | ▪ | Annual      reports; |
|--------|---------|----------------------|

|   | ▪ | Certain      other reports that we make public under Brazilian law, file with the      Brazilian stock exchanges or distribute to shareholders;    and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Other      information. |
|--------|---------|-------------------------|

| Attention:Telephone      numbers: Fax:Email: | Investor      Relations Department(55-11)      2122-1415(55-11)      2122-1414(55-11)      2122-1526ir@ambev.com.br |
|---------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

----

| ITEM 11. | QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK |
|---------------|----------------------------------------------------------------|

----

| Derivatives Instruments (1) |   | 2010                                                        |    |   | 2011   |   | 2012    | 2013   | 2014   | Thereafter |   | Total  |   |   | FairValue |   |
|---------------------------------------|--------|-------------------------------------------------------------|---------|--------|--------|--------|---------|--------|--------|------------|--------|--------|--------|--------|-----------|--------|
|                                  |   | (R$ million, except price per ton) |    |
| Sugar      Derivatives                |   |                                                        |    |   |   |   |    |   |   |       |   |   |   |   |      |   |
| Notional      Amount                  |   |                                                        | 105.5   |   |   |   | 34.7    |   |   |       |   |   |   |   | 140.2     |   |   |   | 49.1 |   |
| Average      Price (R$/ton)           |   |                                                        | 919.1   |   |   |   | 808.2   |   |   |       |   |   |   |   | 863,6     |   |   |   |   |   |
| Wheat      Derivatives                |   |                                                        |    |   |   |   |    |   |   |       |   |   |   |   |      |   |   |   |   |   |
| Notional      Amount                  |   |                                                        | 51.1    |   |   |   |    |   |   |       |   |   |   |   | 51.1      |   |   |   | 1.1 |   |
| Average      Price (R$/ton)           |   |                                                        | 348.8   |   |   |   |    |   |   |       |   |   |   |   | 348.8     |   |   |   |   |   |
| Aluminum      Derivatives             |   |                                                        |    |   |   |   |    |   |   |       |   |   |   |   |      |   |   |   |   |   |
| Notional      Amount                  |   |                                                        | 359.7   |   |   |   | 114.9   |   |   |       |   |   |   |   | 474.6     |   |   |   | 106.3 |   |
| Average      Price (R$/ton)           |   |                                                        | 3,959.3 |   |   |   | 4,047.3 |   |   |       |   |   |   |   | 4,003.3   |   |   |   |   |   |
| Heating Oil      Derivatives          |   |                                                        |    |   |   |   |    |   |   |       |   |   |   |   |      |   |   |   |   |   |
| Notional      Amount                  |   |                                                        | 5.8     |   |   |   |    |   |   |       |   |   |   |   | 5.8       |   |   |   | 0.4 |   |
| Average      Price (R$/gallon)        |   |                                                        | 3.7     |   |   |   |    |   |   |       |   |   |   |   | 3.7       |   |   |   |   |   |
| Crude      Oil Derivatives            |   |                                                        |    |   |   |   |    |   |   |       |   |   |   |   |      |   |   |   |   |   |
| Notional      Amount                  |   |                                                        | 4.4     |   |   |   |    |   |   |       |   |   |   |   | 4.4       |   |   |   | 0.5 |   |
| Average      Price (R$/barrel)        |   |                                                        | 142.9   |   |   |   |    |   |   |       |   |   |   |   | 142.9     |   |   |   |   |   |
| Corn      Derivatives                 |   |                                                        |    |   |   |   |    |   |   |       |   |   |   |   |      |   |   |   |   |   |
| Notional      Amount                  |   |                                                        | 16.2    |   |   |   |    |   |   |       |   |   |   |   | 16.2      |   |   |   | 3.7 |   |
| Average      Price (R$/ton)           |   |                                                        | 323.3   |   |   |   |    |   |   |       |   |   |   |   | 323.3     |   |   |   |   |   |

| (1) | Negative      notional amounts represent an excess of liabilities over assets at any      given moment. |
|-----|---------------------------------------------------------------------------------------------------------|

----

| AmBev      Profile as of December 31, 2009             |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |
|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|----------|--------|------------|--------|--------|--------|--------|
| Debt      Instruments                                       |   | 2010   |   |   | 2011   |   |     | 2012   |   |   | 2013     |   |   | 2014   |     |   | Thereafter |   |   | Total  |   |
| U.S      Dollar Denominated Debt Fixed Rate                 |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |
| Notional      Amount                                        |   |   |   |   |   | (998.3 | )        |   |   |   |     |   | (939.8 | )      |     |   |       |   |   |   |   |   | (1,938.2 | ) |
| Average      Pay Rate                                       |   |   |   |   |   | 10.50  | %        |   |   |   |     |   | 8.75   | %      |     |   |       |   |   |   |   |   | 9.65 | % |
| BNDES      Currency Basket Debt Float. Rate                 |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |
| Currency      Basket Debt Floating Rate                     |   |   | (12.8  | )      |   |   | (7.1     | )      |   |   | (6.4     | )      |   |   | (6.4     | )      |       |   | (3.7   | )      |   |   |   |   |   | (36.4 | ) |
| UMBNDES      + Average Pay Rate                             |   |   | 5.18   | %      |   |   | 5.18     | %      |   |   | 5.18     | %      |   |   | 5.18     | %      |       |   | 5.18   | %      |   |   |   |   |   | 5.18 | % |
| International      Debt                                     |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| Reais      Denominated Debt Fixed Rate                      |   |   |   |   |   |   | (714     | )      |   |   | (474     | )      |   |   |     |   |       |   |   |   |   |   |   |   |   | (1,188 | ) |
| Average      Pay Rate                                       |   |   |   |   |   |   | 15.88    | %      |   |   | 12.13    | %      |   |   |     |   |       |   |   |   |   |   |   |   |   | 14.38 | % |
| International      Debt                                     |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| CAN      Denominated Debt Float Rate – BA             |   |   |   |   |   |   |     |   |   |   | (709.7   | )      |   |   |     |   |       |   |   |   |   |   |   |   |   | (709.7 | ) |
| BA      + Average Pay Rate                                  |   |   |   |   |   |   |     |   |   |   | 0.35     | %      |   |   |     |   |       |   |   |   |   |   |   |   |   | 1.64 | % |
| International      Debt                                     |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| CAN      Denominated Debt Fixed Rate                        |   |   |   |   |   |   | (156.7   | )      |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   | (156.7 | ) |
| Average      Pay Rate                                       |   |   |   |   |   |   | 7.50     | %      |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   | 7.50 | % |
| International      Debt                                     |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| Other      Latin America Currency Fixed Rate                |   |   | (363.3 | )      |   |   | (12.3    | )      |   |   | (6.0     | )      |   |   | (0.1     | )      |       |   | (0.1   | )      |   |   |   |   |   | (381.8 | ) |
| Average      Pay Rate                                       |   |   | 11.81  | %      |   |   | 10.72    | %      |   |   | 8.59     | %      |   |   | 20.50    | %      |       |   | 20.50  | %      |   |   |   |   |   | 11.73 | % |
| International      Debt                                     |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |
| USD      Denominated Debt Fixed Rate                        |   |   | (73.2  | )      |   |   | (68.1    | )      |   |   | (52.7    | )      |   |   |     |   |       |   |   |   |   |   | (206.8 | ) |   |   | (400.8 | ) |
| Average      Pay Rate                                       |   |   | 7.21   | %      |   |   | 7.23     | %      |   |   | 7.32     | %      |   |   |     |   |       |   |   |   |   |   | 5.89 | % |   |   | 6.55 | % |
| Reais      Denominated Debt Float. Rate - TJLP              |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                        |   |   | (152.3 | )      |   |   | (121.3   | )      |   |   | (110.8   | )      |   |   | (103.7   | )      |       |   | (55.4  | )      |   |   | (3.4 | ) |   |   | (547.0 | ) |
| TJLP      + Average Pay Rate                                |   |   | 3.24   | %      |   |   | 3.24     | %      |   |   | 3.24     | %      |   |   | 3.24     | %      |       |   | 3.24   | %      |   |   | 3.24 | % |   |   | 3.24 | % |
| Reais      Debt - ICMS Fixed Rate                           |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                        |   |   | (14.3  | )      |   |   | (25.1    | )      |   |   | (25.1    | )      |   |   | (19.2    | )      |       |   | (19.8  | )      |   |   | (98.6 | ) |   |   | (202.0 | ) |
| Average      Pay Rate                                       |   |   | 2.58   | %      |   |   | 2.58     | %      |   |   | 2.58     | %      |   |   | 2.58     | %      |       |   | 2.58   | %      |   |   | 2.58 | % |   |   | 2.58 | % |
| Reais      Debt - Debentures Floating Rate – CDI      |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                        |   |   |   |   |   |   |     |   |   |   | (1,247.1 | )      |   |   |     |   |       |   |   |   |   |   |   |   |   |   | (1,247.1 | ) |
| Average      Pay Rate % CDI                                 |   |   |   |   |   |   |     |   |   |   | 102.50   | %      |   |   |     |   |       |   |   |   |   |   |   |   |   |   | 102.50 | % |
| Reais      Debt - Fixed Rate                                |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                        |   |   | (85.0  | )      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   | (268.3 | ) |   |   | (353.3 | ) |
| Average      Pay Rate                                       |   |   | 10.09  | %      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   | 9.50 | % |   |   | 9.64 | % |
| Reais      Debt - Indust. Loan Debts Float. Rate – TR |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                                        |   |   | (100.0 | )      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   | (100.0 | ) |
| TR      + Average Pay Rate                                  |   |   | 9.82   | %      |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   | 9.82 | % |
| Total      Debt                                             |   |   | (801.1 | )      |   |   | (2,103.3 | )      |   |   | (2,631.6 | )      |   |   | (1,069.2 | )      |       |   | (79.0  | )      |   |   | (577.1 | ) |   |   | (7,261.2 | ) |
|                                                        |   |   |   |   |   |   |     |   |   |   |     |   |   |   |     |   |       |   |   |   |   |   |   |   |   |   |   |   |

| Cash Instruments                          |   | 2010   |    |   | 2011   |   |   | 2012   |   |   | 2013   |   |   | 2014   |   |   | Thereafter |   |   | Total  |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
|                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |
| USD      Denominated Cash and cash equivalents |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |
| Notional      Amount                           |   |   | 810.2   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 810.2 |   |
| Average      Interest Rate                     |   |   | 0.15    | %      |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 0.15 | % |
| BRL      Denominated Cash and cash equivalents |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                           |   |   | 2,584.1 |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 2,584.1 |   |
| Average      Interest Rate                     |   |   | 8.36    | %      |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 8.36 | % |
| CAD      Denominated Cash and cash equivalents |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                           |   |   | 196.4   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 196.4 |   |
| Average      Interest Rate                     |   |   | 0.43    | %      |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 0.43 | % |
| Other      Latin American Currency investments |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Notional      Amount                           |   |   | 452.2   |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 452.2 |   |
|                                           |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Total                                          |   |   | 4,042.9 |   |   |   |   |   |   |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   | 4,042.9 |   |

----

| Derivatives Instruments (1) |   | 2010   |   |   | 2011   |   |    | 2012   |   |   | 2013   |   |   | 2014   |    |   | Thereafter |   |   | Total  |   |   | FairValue |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|------------|--------|--------|--------|--------|--------|-----------|--------|
| BM&F      DDI Futures             |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |
| Notional      Amount                  |   |   | 168.0  |   |   |   | -202.0  |   |   |   | 0.4    |   |   |   |    |   |       | 4.4    |   |   |   |   |      |   | -29.2 |   |   |   | -0.1 |   |
| Average      Interest Rate            |   |   | 8.37   | %      |   |   | 8.79    | %      |   |   | 9.02   | %      |   |   |    |   |       | 8.30   | %      |   |   |   |      |   | 8.62 | % |   |   |   |   |
| BM&F      DI Futures              |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | -210.0 |   |   |   | 80.0    |   |   |   | -2.5   |   |   |   |    |   |       |   |   |   |   | -112.5 |      |   |   | -245.0 |   |   |   | 0.5 |   |
| Average      Interest Rate            |   |   | 8.82   | %      |   |   | 10.78   | %      |   |   | 11.87  | %      |   |   |    |   |       |   |   |   |   | 13.10  | %         |   |   | 11.14 | % |   |   |   |   |
| USD      x R$ CCIRS(2)                |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   |   |   |   |   | 1,252.4 |   |   |   |   |   |   |   | 1,091.2 |   |       |   |   |   |   |   |      |   |   |   | 2,343.6 |   |   |   | -347.6 |   |
| Average      Interest Rate            |   |   |   |   |   |   | 8.99    | %      |   |   |   |   |   |   | 8.46    | %      |       |   |   |   |   |   |      |   |   |   | 8.73 | % |   |   |   |   |
| FIXED      x BA CCIRS(2)              |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 538.9  |   |   |   | 165.8   |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 704.7 |   |   |   | 19.7 |   |
| Average      Interest Rate            |   |   | 4.22   | %      |   |   | 4.45    | %      |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 4.27 | % |   |   |   |   |
| BA      x FIXED CCIRS(2)              |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | -538.9 |   |   |   | -279.2  |   |   |   | -165.8 |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | -983.9 |   |   |   | -6.6 |   |
| Average      Interest Rate            |   |   | 0.16   | %      |   |   | 2.83    | %      |   |   | 1.01   | %      |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 1.06 | % |   |   |   |   |
| FIXED      x CDI IRS(3)               |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   | 300.0     |   |   |   | 300.0 |   |   |   | 19.1 |   |
| Average      Interest Rate            |   |   |   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   | 13.24     | %      |   |   | 13.24 | % |   |   |   |   |

|   | (1) | Negative      notional amounts represent an excess of liabilities over assets on any      given moment. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (2) | Cross      Currency Interest Rate Swap |
|--------|-----|----------------------------------------|

|   | (3) | Interest      Rate Swap |
|--------|-----|-------------------------|

----

|             |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| 1st      Quarter |   |   | 6.25   |   |   |   | 6.25   |   |   |   | 6.50 |   |
| 2nd      Quarter |   |   | 6.25   |   |   |   | 6.25   |   |   |   | 6.50 |   |
| 3rd      Quarter |   |   | 6.00   |   |   |   | 6.25   |   |   |   | 6.25 |   |
| 4th      Quarter |   |   | 6.00   |   |   |   | 6.25   |   |   |   | 6.25 |   |

----

| Derivatives Instruments (1) |   | 2010   |     |   | 2011   |   |    | 2012   |   |   | 2013   |   |   | 2014   |    |   | Thereafter |   |   | Total  |   |   | FairValue |   |
|---------------------------------------|--------|--------|----------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|------------|--------|--------|--------|--------|--------|-----------|--------|
| BM&F      DDI Futures             |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |
| Notional      Amount                  |   |   | 168.0    |   |   |   | -202.0  |   |   |   | 0.4    |   |   |   |    |   |       | 4.4    |   |   |   |   |      |   |   | -29.2 |   |   |   | -0.1 |   |
| Average      Interest Rate            |   |   | 8.37     | %      |   |   | 8.79    | %      |   |   | 9.02   | %      |   |   |    |   |       | 8.30   | %      |   |   |   |      |   |   | 8.62 | % |   |   |   |   |
| BM&F      Dollar Future           |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | -371.3   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   | -371.3 |   |   |   | 0.0 |   |
| Average      Interest Rate            |   |   | 8.40     | %      |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   | 8.40 | % |   |   |   |   |
| Dollar      Call Option               |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 563.3    |   |   |   | 144.3   |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   | 707.5 |   |   |   | 38.3 |   |
| Average      Interest Rate            |   |   | 8.12     | %      |   |   | 8.67    | %      |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   | 8.23 | % |   |   |   |   |
| USD      x R$ CCIRS                   |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   |     |   |   |   | 1,252.4 |   |   |   |   |   |   |   | 1,091.2 |   |       |   |   |   |   |   |      |   |   |   | 2,343.6 |   |   |   | -347.6 |   |
| Average      Interest Rate            |   |   |     |   |   |   | 8.99    | %      |   |   |   |   |   |   | 8.46    | %      |       |   |   |   |   |   |      |   |   |   | 8.73 | % |   |   |   |   |
| NDF      Euro x BRL                   |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 48.5     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 48.5 |   |   |   | -1.7 |   |
| Average      Interest Rate            |   |   | 2.50     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 2.50 |   |   |   |   |   |
| NDF      USD x BRL                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | -65.5    |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | -65.5 |   |   |   | 2.3 |   |
| Average      Interest Rate            |   |   | 1.75     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 1.75 |   |   |   |   |   |
| NDF      CAD x BRL                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   |     |   |   |   | 600.8   |   |   |   | 429.8  |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 1,030.5 |   |   |   | 460.2 |   |
| Average      Unit Price               |   |   |     |   |   |   | 1.86    |   |   |   | 1.95   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| FDF      CAD x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 245.9    |   |   |   | 10.9    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 256.7 |   |   |   | -20.5 |   |
| Average      Unit Price               |   |   | 1.05     |   |   |   | 1.05    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 1.05 |   |   |   |   |   |
| FDF      CAD x EUR                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 77.9     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 77.9 |   |   |   | -4.9 |   |
| Average      Unit Price               |   |   | 1.51     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 1.51 |   |   |   |   |   |
| FDF      CAD x GBP                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 37.3     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 37.3 |   |   |   | 0.2 |   |
| Average      Unit Price               |   |   | 1.70     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 1.70 |   |   |   |   |   |
| NDF      ARS x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 389.6    |   |   |   | 95.4    |   |   |   | 156.7  |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 641.7 |   |   |   | 14.3 |   |
| Average      Unit Price               |   |   | 4.00     |   |   |   | 4.41    |   |   |   | 5.15   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 4.34 |   |   |   |   |   |
| NDF      CLP x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 32.0     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 32.0 |   |   |   | -5.0 |   |
| Average      Unit Price               |   |   | 505.38   |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 505.38 |   |   |   |   |   |
| NDF      UYU x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 32.6     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 32.6 |   |   |   | -8.6 |   |
| Average      Unit Price               |   |   | 21.09    |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 21.09 |   |   |   |   |   |
| NDF      BOB x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 86.6     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 86.6 |   |   |   | -1.3 |   |
| Average      Unit Price               |   |   | 7.12     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 7.12 |   |   |   |   |   |
| NDF      PY x USD                     |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 15.3     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 15.3 |   |   |   | -2.7 |   |
| Average      Unit Price               |   |   | 4,571.03 |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 4,571.03 |   |   |   |   |   |
| NDF      PEN x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 7.5      |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 7.5 |   |   |   | -2.0 |   |
| Average      Unit Price               |   |   | 2.90     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 2.90 |   |   |   |   |   |
| FDF      PEN x USD                    |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   | 74.9     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 74.9 |   |   |   | -2.1 |   |
| Average      Unit Price               |   |   | 2.90     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   | 2.90 |   |   |   |   |   |
| BRL      x YEN CCIRS                  |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Notional      Amount                  |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   | -3.4 |   |
| Average      Interest Rate            |   |   |     |   |   |   |    |   |   |   |   |   |   |   |    |   |       |   |   |   |   |   |      |   |   |   |   |   |   |   |   |   |

| (1) | Negative      notional amounts represent an excess of liabilities over assets at any      given moment. |
|-----|---------------------------------------------------------------------------------------------------------|

----

| ITEM 12. | DESCRIPTION      OF SECURITIES OTHER THAN EQUITYSECURITIES |
|---------------|------------------------------------------------------------|

| Associated Fee                                                                                                                                                                                            |    | Depositary Action                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| $5.00      or less per 100 ADSs (or portion thereof)                                                                                                                                                      |    | •      Issuance of ADSs, including issuances resulting from a distribution of      shares or rights or other property. •      Cancellation of ADSs for the purpose of withdrawal, including in case of      termination of the Deposit Agreement.                 |
|                                                                                                                                                                                                      |         |
| $.02      or less per ADS A      fee equivalent to the fee that would be payable if securities distributed      to you had been shares and the shares had been deposited for issuance of      ADSs   |    | •      Any cash distribution to ADS registered holders made pursuant to the      Deposit Agreement. •      Distribution of securities distributed to holders of deposited securities      which are distributed by the depositary to ADS registered      holders. |
|                                                                                                                                                                                                      |         |
| Taxes      and other governmental charges the depositary or the custodian have to pay      on any ADS or share underlying an ADS, for example, stock transfer taxes,      stamp duty or withholding taxes |    | As      applicable                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                      |         |
| Registration      and transfer fees                                                                                                                                                                       |    | •      Transfer and registration of shares on our share register to or from the      name of the depositary or its agent when you deposit or withdraw      shares                                                                                                            |
|                                                                                                                                                                                                      |         |
| A      fee equivalent to the fee that would be payable for execution and delivery      of ADSs as a result of the deposit of such securities, but which      securities are instead distributed           |    | •      Issuance of ADS or shares received in exercise of rights distributed,      but whose securities or rights are instead sold by      the depositary and the net proceeds distributed                                                                     |
|                                                                                                                                                                                                      |         |
| Any      charges incurred by the depositary or its agents for servicing the      deposited securities                                                                                                     |    | As      necessary                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                      |         |
| Expenses      of the depositary                                                                                                                                                                      |    | •      Cable, telex and facsimile transmissions (when expressly provided in the      deposit agreement) •      Converting foreign currency to U.S.dollars                                                                                                         |

----

| ITEM 13. | DEFAULT,      DIVIDENDS ARREARAGES ANDDELINQUENCIES |
|---------------|-----------------------------------------------------|

----

| ITEM 14. | MATERIAL      MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF      PROCEEDS |
|---------------|----------------------------------------------------------------------------------------|

----

| ITEM 15. | CONTROLS      AND PROCEDURES |
|---------------|------------------------------|

----

| /s/ KPMG Auditores      Independentes |
|---------------------------------------|
| KPMG      Auditores Independentes     |
| São      Paulo, Brazil           |
| April      12, 2010                   |

----

| ITEM 16A. | AUDIT      COMMITTEE FINANCIAL EXPERT |
|----------------|---------------------------------------|

----

| ITEM 16B. | CODE      OF BUSINESS CONDUCT |
|----------------|-------------------------------|

----

| ITEM 16C.   | PRINCIPAL      ACCOUNTANT FEES AND SERVICES |
|----------------------------|---------------------------------------------|

|                    |   | 2009          |    |   | 2008          |   |
|-------------------------|--------|---------------|---------|--------|---------------|--------|
|                    |   | (R$thousands) |    |   | (R$thousands) |   |
| Audit      Fees         |   |          | 5,777.9 |   |          |   | 5,618.9 |   |
| Audit-Related      Fees |   |          | 179.2   |   |          |   | 701.3 |   |
| Tax      Fees           |   |          | 34.5    |   |          |   | 46.9 |   |
| All      Other Fees     |   |          | 7.1     |   |          |   | 144.0 |   |
| Total                   |   |          | 5,998.8 |   |          |   | 6,511.1 |   |

----

| ITEM 16D.   | EXEMPTIONS      FROM THE LISTING STANDARDS FOR AUDITCOMMITTEES |
|----------------------------|----------------------------------------------------------------|

----

| ITEM 16E.   | PURCHASES      OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED    PURCHASERS |
|----------------------------|--------------------------------------------------------------------------------|

| Month        |   | TotalNumber      ofSharesPurchased |      |    | Average PricePaid per Share |    | Total number ofshares purchased aspart      of publiclyannounced      plans orprograms      (1) |    | Maximum number ofshares      that may bepurchased      under theplans or      programs |
|--------------|--------|------------------------------------|-----------|--------------|--------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------|
| January-08   |   |                               | 1,382,677 |         |                                       |         | 120.63                                                                                                              |         | Not Specified                                                                               |   | Not Specified |
| February-08  |   |                               | 40,844    |         |                                       |         | 135.79                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| March-08     |   |                               | 1,952,815 |         |                                       |         | 137.78                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| April-08     |   |                               | 8,041     |         |                                       |         | 135.83                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| May-08       |   |                               | 656,218   |         |                                       |         | 125.32                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| June-08      |   |                               | 3,590     |         |                                       |         | 110.83                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| July-08      |   |                               | 209       |         |                                       |         | 100.85                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| August-08    |   |                               | 84,840    |         |                                       |         | 98.93                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| September-08 |   |                               | 34,097    |         |                                       |         | 101.66                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| October-08   |   |                               | 9,332     |         |                                       |         | 91.77                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| November-08  |   |                               | 22,482    |         |                                       |         | 104.61                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| December-08  |   |                               | 13,708    |         |                                       |         | 52.11                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| January-09   |   |                               | 8,795     |         |                                       |         | 43.68                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| February-09  |   |                               | 92,557    |         |                                       |         | 27.18                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| March-09     |   |                               | 18,750    |         |                                       |         | 48.59                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| April-09     |   |                               | 0         |         |                                       |         | 0                                                                                                                   |         | Not      Specified                                                                               |   | Not      Specified |
| May-09       |   |                               | 6,411     |         |                                       |         | 127,48                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| June-09      |   |                               | 20,297    |         |                                       |         | 63,72                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| July-09      |   |                               | 0         |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| August-09    |   |                               | 600       |         |                                       |         | 136.11                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| September-09 |   |                               | 2,092     |         |                                       |         | 49.74                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| October-09   |   |                               | 25,000    |         |                                       |         | 50.35                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| November-09  |   |                               | 400       |         |                                       |         | 172.95                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| December-09  |   |                               | 32,501    |         |                                       |         | 169.07                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| January-10   |   |                               | 0         |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| February-10  |   |                               | 0         |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| March-10     |   |                               | 0         |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |

| (1) | May      differ from total number of shares purchased as they do not include all      shares acquired from employees under the stock ownership      program. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Month        |   | Total Numberof      SharesPurchased |    |    | Average PricePaid per Share |    | Total number ofshares purchased aspart      of publiclyannounced      plans orprograms      (1) |    | Maximum number ofshares      that may bepurchased      under theplans or      programs |
|--------------|--------|------------------------------------------|---------|--------------|--------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------|
| January-08   |   |                                     | 185,764 |         |                                       |         | 110.21                                                                                                              |         | Not Specified                                                                               |   | Not Specified |
| February-08  |   |                                     | 31,979  |         |                                       |         | 131.91                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| March-08     |   |                                     | 386,836 |         |                                       |         | 125.38                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| April-08     |   |                                     | 368     |         |                                       |         | 119.81                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| May-08       |   |                                     | 62,736  |         |                                       |         | 109.87                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| June-08      |   |                                     | 1,193   |         |                                       |         | 100.26                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| July-08      |   |                                     | 950     |         |                                       |         | 84.88                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| August-08    |   |                                     | 17,085  |         |                                       |         | 86.20                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| September-08 |   |                                     | 13,009  |         |                                       |         | 87.62                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| October-08   |   |                                     | 219     |         |                                       |         | 91.15                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| November-08  |   |                                     | 6,680   |         |                                       |         | 85.44                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| December-08  |   |                                     | 2,741   |         |                                       |         | 65.16                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| January-09   |   |                                     | 1,620   |         |                                       |         | 56.34                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| February-09  |   |                                     | 18,511  |         |                                       |         | 33.97                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| March-09     |   |                                     | 3,750   |         |                                       |         | 60.74                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| April-09     |   |                                     | 0       |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| May-09       |   |                                     | 181     |         |                                       |         | 102.51                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| June-09      |   |                                     | 4,059   |         |                                       |         | 61.20                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| July-09      |   |                                     | 0       |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| August-09    |   |                                     | 175     |         |                                       |         | 114.02                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| September-09 |   |                                     | 578     |         |                                       |         | 79.47                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| October-09   |   |                                     | 5,000   |         |                                       |         | 62.94                                                                                                               |         | Not      Specified                                                                               |   | Not      Specified |
| November-09  |   |                                     | 0       |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| December-09  |   |                                     | 6,500   |         |                                       |         | 141.96                                                                                                              |         | Not      Specified                                                                               |   | Not      Specified |
| January-10   |   |                                     | 0       |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| February-10  |   |                                     | 0       |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |
| March-10     |   |                                     | 0       |         |                                       |         | 0.00                                                                                                                |         | Not      Specified                                                                               |   | Not      Specified |

| (1) | May      differ from total number of shares purchased as they do not include all      shares acquired from employees under the stock ownership      program. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Approval      Date |   | Period        |   | Common or Preferred  |   | Maximumnumber      ofPreferredshares |       |   | MaximumNumber      ofCommonshares |   |      | Maximumamount (R$thousand) |      |
|--------------------|--------|---------------|--------|--------------------------------|--------|--------------------------------------|------------|--------|-----------------------------------|--------|-----------|---------------------------------|-----------|
| November-05        |   | 365      days |   | Preferred                      |   |                                 | 19,755,889 |   |                              |   | —   |                            |      |   | 500,000 |   |
| February-06        |   | 180      days |   | Common and Preferred |   |                                 | 9,839,872  |   |                              |   | 3,781,217 |                            |      |   | 500,000 |   |
| August-06          |   | 360      days |   | Common and      Preferred |   |                                 | 6,697,250  |   |                              |   | 3,703,971 |                            |      |   | 1,000,000 |   |
| November-06        |   | 360      days |   | Common and      Preferred |   |                                 | 13,168,972 |   |                              |   | 3,250,073 |                            |      |   | 1,000,000 |   |
| February-07        |   | 360      days |   | Common and      Preferred |   | Not specified                   |       |   | Not specified                |   |      |                            | 1,000,000 |   |
| May-07             |   | 360      days |   | Common and      Preferred |   | Not specified                   |       |   | Not specified                |   |      |                            | 1,000,000 |   |
| August-07          |   | 360      days |   | Common and      Preferred |   | Not specified                   |       |   | Not specified                |   |      |                            | 500,000   |   |
| December-07        |   | 360      days |   | Common and      Preferred |   | Not specified                   |       |   | Not specified                |   |      |                            | 500,000   |   |
| March-08           |   | 360 days |   | Common and      Preferred |   | Not specified                   |       |   | Not specified                |   |      |                            | 750,000   |   |

----

| ITEM 16F.   | CHANGE      IN REGISTRANT’S CERTIFYINGACCOUNTANT |
|----------------------------|--------------------------------------------------------|

----

| ITEM 16G.   | CORPORATE      GOVERNANCE |
|----------------------------|---------------------------|

----

| ITEM 17.   | FINANCIAL      STATEMENTS |
|---------------------------|---------------------------|

----

| /s/ KPMG Auditores      Independentes |
|---------------------------------------|
| KPMG      Auditores Independentes     |
| São      Paulo, Brazil           |
|                                  |
| April      12, 2010                   |

----

|                                             |   | Note   |   |   | 2009   |     |     | 2008   |   |     | 2007     |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|----------|----------|--------|--------|----------|----------|--------|
| (Expressed      in millions of Brazilian reais)  |   |   |   |   |   |     |     |   |   |     |     |   |
| Net      sales                                   |   |   |   |   |   | 23,194.0 |     |   |   | 20,713.2 |     |   |   | 19,579.5 |   |
| Cost      of sales                               |   |   |   |   |   | (7,731.9 | )        |   |   | (7,217.7 | )        |   |   | (6,599.2 | ) |
|                                             |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |
| Gross      profit                                |   |   |   |   |   | 15,462.1 |     |   |   | 13,495.5 |     |   |   | 12,980.4 |   |
| Sales      and marketing expenses                |   |   |   |   |   | (5,542.0 | )        |   |   | (4,956.3 | )        |   |   | (4,609.1 | ) |
| Administrative      expenses                     |   |   |   |   |   | (1,478.1 | )        |   |   | (1,037.0 | )        |   |   | (1,012.9 | ) |
| Other      operating income/(expenses)           |   |   | 6      |   |   |     | 539.3    |   |   |     | 383.5    |   |   |   | 306.8 |   |
| Special      items                               |   |   | 7      |   |   |     | 196.6    |   |   |     | (59.2    | )      |   |   | 72.5 |   |
|                                             |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |   |
| Income      from operations                      |   |   |   |   |   |     | 9,177.9  |   |   |     | 7,826.5  |   |   |   | 7,737.8 |   |
| Finance      cost                                |   |   | 10     |   |   |     | (1,348.5 | )      |   |     | (1,447.6 | )      |   |   | (1,399.3 | ) |
| Finance      income                              |   |   | 10     |   |   |     | 366.4    |   |   |     | 256.8    |   |   |   | 236.3 |   |
|                                             |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |   |
| Net      finance cost                            |   |   | 10     |   |   |     | (982.1   | )      |   |     | (1,190.8 | )      |   |   | (1,163.1 | ) |
| Share      of results of associates              |   |   |   |   |   |     | 0.7      |   |   |     | 2.3      |   |   |   | 4.2 |   |
|                                             |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |   |
| Income      before income tax                    |   |   |   |   |   |     | 8,196.5  |   |   |     | 6,638.0  |   |   |   | 6,578.9 |   |
| Income      tax expense                          |   |   | 11     |   |   |     | (2,208.1 | )      |   |     | (1,447.2 | )      |   |   | (1,510.1 | ) |
|                                             |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |   |
| Net      income                                  |   |   |   |   |   |     | 5,988.4  |   |   |     | 5,190.9  |   |   |   | 5,068.8 |   |
|                                             |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |   |
| Attributable      to:                            |   |   |   |   |   |     |     |   |   |     |     |   |   |   |   |   |
| Equity      holders of  AmBev          |   |   |   |   |   |     | 5,986.1  |   |   |     | 5,119.1  |   |   |   | 5,003.4 |   |
| Minority      interest                           |   |   |   |   |   |     | 2.3      |   |   |     | 71.8     |   |   |   | 65.4 |   |
| Basic      earnings per share – preferred  |   |   | 22     |   |   |     | 10.25    |   |   |     | 8.79     |   |   |   | 8.44 |   |
| Basic      earnings per share – common     |   |   | 22     |   |   |     | 9.32     |   |   |     | 7.99     |   |   |   | 7.68 |   |
| Diluted      earnings per share– preferred |   |   | 22     |   |   |     | 10.23    |   |   |     | 8.78     |   |   |   | 8.43 |   |
| Diluted      earnings per share– common    |   |   | 22     |   |   |     | 9.30     |   |   |     | 7.98     |   |   |   | 7.66 |   |

----

|                                                                                  |   | 2009   |     |   | 2008   |   |    | 2007   |   |
|---------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|---------|--------|--------|
| (Expressed      in millions of Brazilian reais)                                       |   |   |     |   |   |   |    |   |   |
| Net      income for the year                                                          |   |   | 5,988.4  |   |   |   | 5,190.9 |   |   |   | 5,068.8 |   |
| Exchange      differences on translation of foreign operations (gains/      (losses)) |   |   | (1,567.0 | )      |   |   | 1,192.9 |   |   |   | (511.2 | ) |
| Actuarial      gains and (losses)                                                     |   |   | (82.6    | )      |   |   | (26.8   | )      |   |   | (46.4 | ) |
| Cash      flow hedges - gains / (losses)                                              |   |   |     |   |   |   |    |   |   |   |   |   |
| Recognized      in equity                                                             |   |   | (75.5    | )      |   |   | 12.5    |   |   |   | 187.5 |   |
| Removed      from equity and included in profit or loss                               |   |   | (232.4   | )      |   |   | 190.7   |   |   |   | (157.3 | ) |
| Removed      from equity and included in the initial cost ofinventories               |   |   | -        |   |   |   | 4.1     |   |   |   | (22.6 | ) |
| Deferred      Income Tax variance in equity and other movements                       |   |   | 188.1    |   |   |   | (140.0  | )      |   |   | (1.1 | ) |
| Net      income / (expense) recognized directly in equity                             |   |   | (1,769.4 | )      |   |   | 1,233.4 |   |   |   | (551.0 | ) |
| Total      comprehensive income and expenses                                          |   |   | 4,219.0  |   |   |   | 6,424.3 |   |   |   | 4,517.8 |   |
| Attributable      to:                                                                 |   |   |     |   |   |   |    |   |   |   |   |   |
| Equity      holders of AmBev                                                          |   |   | 4,235.8  |   |   |   | 6,359.0 |   |   |   | 4,458.4 |   |
| Minority      interests                                                               |   |   | (16.8    | )      |   |   | 65.3    |   |   |   | 59.4 |   |

----

|                               |   | Note   |   |   | 2009   |   |     | 2008   |   |
|------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|
| Assets                             |   |   |   |   |   |   |     |   |   |
| Non-current      assets            |   |   |   |   |   |   |     |   |   |
| Property,      plant and equipment |   |   | 12     |   |   |   | 6,595.1  |   |   |   | 7,304.6 |   |
| Goodwill                           |   |   | 13     |   |   |   | 17,527.5 |   |   |   | 17,912.4 |   |
| Intangible      assets             |   |   | 14     |   |   |   | 1,932.6  |   |   |   | 2,492.9 |   |
| Investments      in associates     |   |   |   |   |   |   | 24.3     |   |   |   | 30.5 |   |
| Investment      securities         |   |   | 15     |   |   |   | 246.9    |   |   |   | 317.4 |   |
| Deferred      tax assets           |   |   | 16     |   |   |   | 1,368.5  |   |   |   | 1,817.8 |   |
| Employee      benefits             |   |   | 24     |   |   |   | 13.7     |   |   |   | 19.9 |   |
| Trade      and other receivables   |   |   | 18     |   |   |   | 2,089.3  |   |   |   | 2,624.2 |   |
|                               |   |   |   |   |   |   | 29,797.9 |   |   |   | 32,519.6 |   |
| Current      assets                |   |   |   |   |   |   |     |   |   |   |   |   |
| Investment      securities         |   |   | 15     |   |   |   | 73.3     |   |   |   | 0.1 |   |
| Inventories                        |   |   | 17     |   |   |   | 1,488.1  |   |   |   | 2,018.1 |   |
| Taxes      receivable              |   |   |   |   |   |   | 986.2    |   |   |   | 479.7 |   |
| Trade      and other receivables   |   |   | 18     |   |   |   | 3,652.5  |   |   |   | 3,428.7 |   |
| Cash      and cash equivalents     |   |   | 19     |   |   |   | 4,042.9  |   |   |   | 3,298.9 |   |
| Assets      held for sale          |   |   | 20     |   |   |   | 60.2     |   |   |   | 67.9 |   |
|                               |   |   |   |   |   |   | 10,303.1 |   |   |   | 9,293.4 |   |
|                               |   |   |   |   |   |   |     |   |   |   |   |   |
| Total      assets                  |   |   |   |   |   |   | 40,101.0 |   |   |   | 41,813.0 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Note   |   |   | 2009   |     |     | 2008   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|----------|----------|--------|--------|
| Equity      and liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |     |     |   |   |
| Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |     |     |   |   |
| Issued      capital                                                                                                                 |   |   |   |   |   | 6,832.1  |     |   |   | 6,602.0 |   |
| Reserves                                                                                                                            |   |   |   |   |   | (1,365.6 | )        |   |   | 321.5 |   |
| Retained      earnings                                                                                                              |   |   |   |   |   | 16,550.9 |     |   |   | 13,864.0 |   |
| Equity      attributable to equity holders of AmBev                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |   |   |   | 22,017.4 |     |   |   | 20,787.5 |   |
| Minority      interests                                                                                                             |   |   |   |   |   | 278.7    |     |   |   | 224.1 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   | 278.7    |     |   |   | 224.1 |   |
| Non-current      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |     |     |   |   |   |   |
| Interest-bearing      loans and      borrowings                                                                                     |   |   | 23     |   |   |     | 6,460.2  |   |   |   | 7,069.6 |   |
| Employee      benefits                                                                                                              |   |   | 24     |   |   |     | 767.9    |   |   |   | 784.3 |   |
| Deferred      tax      liabilities                                                                                                  |   |   | 16     |   |   |     | 502.2    |   |   |   | 821.2 |   |
| Trade      and other      payables                                                                                                  |   |   | 27     |   |   |     | 663.6    |   |   |   | 626.4 |   |
| Provisions                                                                                                                          |   |   | 26     |   |   |     | 919.3    |   |   |   | 962.9 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |     | 9,313.2  |   |   |   | 10,264.3 |   |
| Current      liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |     |     |   |   |   |   |   |
| Bank      overdrafts                                                                                                                |   |   | 19     |   |   |     | 18.6     |   |   |   | 18.8 |   |
| Interest-bearing      loans and      borrowings                                                                                     |   |   | 23     |   |   |     | 801.1    |   |   |   | 3,588.2 |   |
| Income      tax and social      contribution                                                                                        |   |   |   |   |   |     | 1,295.9  |   |   |   | 680.8 |   |
| Trade      and other      payables                                                                                                  |   |   | 27     |   |   |     | 6,279.9  |   |   |   | 6,147.5 |   |
| Provisions                                                                                                                          |   |   | 26     |   |   |     | 96.2     |   |   |   | 101.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |     | 8,491.7  |   |   |   | 10,537.1 |   |
| Total      equity and liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |     | 40,101.0 |   |   |   | 41,813.0 |   |

----

| (Expressed      in millions ofBrazilian      reais) |   | Attributable      to equity holders of AmBev |    |   |           |   |   |                |   |
|-----------------------------------------------------|--------|----------------------------------------------|---------|--------|----------------|--------|--------|---------------------|--------|
|                                                |   | CapitalStock                                 |    |   | Treasuryshares |   |   | Share-basedpayments |   |   | Translationreserves |   |   | Cash      flowhedge |   |   | Actuarialgains/(losses) |   |   | Results      ontreasuryshares |   |   | Retainedearnings |   |   | Total |   |   | Minorityinterest |   |   | TotalEquity |   |
| As      per December 31,2008                        |   |                                         | 6,602.0 |   |           |   | (109.3 | )                   |   |   | 151.7 |   |   |   | 687.2 |   |   |   | 105.4 |   |   |   | (529.6 | ) |   |   | (93.2 | ) |   |   | 13,973.3 |   |   |   | 20,787.5 |   |   |   | 224.1 |   |   |   | 21,011.6 |   |
| Result      of the year                             |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,986.1 |   |   |   | 5,986.1 |   |   |   | 2.3 |   |   |   | 5,988.4 |   |
| Comprehensive      income and expenses              |   |                                         |    |   |           |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency      translation reserve                   |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | (1,544.2 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,544.2 | ) |   |   | (22.8 | ) |   |   | (1,567.0 | ) |
| Cash      flow hedge – gains / (losses)       |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | (119.3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (119.3 | ) |   |   | (0.5 | ) |   |   | (119.8 | ) |
| Actuarial      gains and (losses)                   |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (86.8 | ) |   |   | - |   |   |   | - |   |   |   | (86.8 | ) |   |   | 4.2 |   |   |   | (82.6 | ) |
| Total      comprehensive income and expenses        |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | (1,544.2 | ) |   |   | (119.3 | ) |   |   | (86.8 | ) |   |   | - |   |   |   | 5,986.1 |   |   |   | 4,235.8 |   |   |   | (16.8 | ) |   |   | 4,219.0 |   |
| Shares      issued                                  |   |                                         | 230.1   |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (145.1 | ) |   |   | 85.0 |   |   |   | - |   |   |   | 85.0 |   |
| Capital      increase in subsidiary                 |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 77.5 |   |   |   | 77.5 |   |
| Dividends                                           |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,301.7 | ) |   |   | (3,301.7 | ) |   |   | (58.6 | ) |   |   | (3,360.3 | ) |
| Share-based      payments                           |   |                                         | -       |   |           |   | -      |                |   |   | 82.4 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 82.4 |   |   |   | - |   |   |   | 82.4 |   |
| Treasury      shares                                |   |                                         | -       |   |           |   | 61.5   |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19.1 | ) |   |   | - |   |   |   | 42.5 |   |   |   | - |   |   |   | 42.5 |   |
| Monetary      restatement gains/losses              |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 64.2 |   |   |   | 64.2 |   |   |   | 61.8 |   |   |   | 126.0 |   |
| Other                                               |   |                                         | -       |   |           |   | -      |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 21.7 |   |   |   | 21.7 |   |   |   | (9.3 | ) |   |   | 12.4 |   |
| As      per December 31,2009                        |   |                                         | 6,832.1 |   |           |   | (47.7  | )                   |   |   | 234.1 |   |   |   | (857.0 | ) |   |   | (13.9 | ) |   |   | (616.4 | ) |   |   | (112.3 | ) |   |   | 16,598.5 |   |   |   | 22,017.5 |   |   |   | 278.7 |   |   |   | 22,296.1 |   |

----

| (Expressed      in millions ofBrazilian      reais) |   | Attributable      to equity holders of AmBev |    |   |           |   |     |                |   |
|-----------------------------------------------------|--------|----------------------------------------------|---------|--------|----------------|--------|----------|---------------------|--------|
|                                                |   | CapitalStock                                 |    |   | Treasuryshares |   |     | Share-basedpayments |   |   | Translationreserves |   |   | Cash      flowhedge |   |   | Actuarialgains/(losses) |   |   | Results      ontreasuryshares |   |   | Retainedearnings |   |   | Total |   |   | Minorityinterest |   |   | TotalEquity |   |
| As      per December 31,2007                        |   |                                         | 6,105.2 |   |           |   | (1,158.9 | )                   |   |   | 118.4 |   |   |   | (508.2 | ) |   |   | 38.3 |   |   |   | (507.0 | ) |   |   | (86.1 | ) |   |   | 14,118.3 |   |   |   | 18,120.0 |   |   |   | 506.7 |   |   |   | 18,626.7 |   |
| Result      of the year                             |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,119.1 |   |   |   | 5,119.1 |   |   |   | 71.8 |   |   |   | 5,190.9 |   |
| Comprehensive      income and expenses              |   |                                         |    |   |           |   |     |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency      translation reserve                   |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | 1,195.4 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,195.4 |   |   |   | (2.5 | ) |   |   | 1,192.9 |   |
| Cash      flow hedge – gains / (losses)       |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | 67.1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 67.1 |   |   |   | 0.2 |   |   |   | 67.3 |   |
| Actuarial      gains and (losses)                   |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (22.6 | ) |   |   | - |   |   |   | - |   |   |   | (22.6 | ) |   |   | (4.2 | ) |   |   | (26.8 | ) |
| Total      comprehensive income and expenses        |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | 1,195.4 |   |   |   | 67.1 |   |   |   | (22.6 | ) |   |   | - |   |   |   | 5,119.1 |   |   |   | 6,359.0 |   |   |   | 65.3 |   |   |   | 6,424.3 |   |
| Shares      issued                                  |   |                                         | 496.8   |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (441.1 | ) |   |   | 55.7 |   |   |   | - |   |   |   | 55.7 |   |
| Dividends                                           |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (3,187.5 | ) |   |   | (3,187.5 | ) |   |   | - |   |   |   | (3,187.5 | ) |
| Share-based      payments                           |   |                                         | -       |   |           |   | -        |                |   |   | 44.0 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 44.0 |   |   |   | (1.1 | ) |   |   | 42.9 |   |
| Treasury      shares                                |   |                                         | -       |   |           |   | 1,049.6  |                |   |   | (10.7 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (7.1 | ) |   |   | (1,641.9 | ) |   |   | (610.0 | ) |   |   | - |   |   |   | (610.0 | ) |
| Purchase      of minority interests                 |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (357.4 | ) |   |   | (357.4 | ) |
| Other                                               |   |                                         | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.3 |   |   |   | 6.3 |   |   |   | 10.6 |   |   |   | 16.9 |   |
| As      per December 31,2008                        |   |                                         | 6,602.0 |   |           |   | (109.3   | )                   |   |   | 151.7 |   |   |   | 687.2 |   |   |   | 105.4 |   |   |   | (529.6 | ) |   |   | (93.2 | ) |   |   | 13,973.3 |   |   |   | 20,787.5 |   |   |   | 224.1 |   |   |   | 21,011.6 |   |

----

| (Expressed in millions ofBrazilian reais) |   | Attributable to equity holders of AmBev |    |   |           |   |     |                |   |
|---------------------------------------------------------------|--------|------------------------------------------------------------------|---------|--------|----------------|--------|----------|---------------------|--------|
|                                                          |   | CapitalStock                                                     |    |   | Treasuryshares |   |     | Share-basedpayments |   |   | Translationreserves |   |   | Cash flowhedge |   |   | Actuarialgains/losses |   |   | Results ontreasuryshares |   |   | Retainedearnings |   |   | Total |   |   | Minorityinterest |   |   | TotalEquity |   |
| As      per January 1, 2007                                   |   |                                                             | 5,716,1 |   |           |   | (940,8   | )                   |   |   | 92.5 |   |   |   | - |   |   |   | 32.7 |   |   |   | (464.6 | ) |   |   | (67,0 | ) |   |   | 14,034.2 |   |   |   | 18,403.1 |   |   |   | 567.9 |   |   |   | 18,971.0 |   |
| Result      of the year                                       |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,003.4 |   |   |   | 5,003.4 |   |   |   | 65.4 |   |   |   | 5,068.8 |   |
| Comprehensive      income and expenses                        |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Currency      translation reserve                             |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | (508.2 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (508.2 | ) |   |   | (3.0 | ) |   |   | (511.2 | ) |
| Cash      flow hedge – gains / (losses)                 |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | 5.6 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5.6 |   |   |   | 1.0 |   |   |   | 6.6 |   |
| Actuarial      gains and (losses)                             |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (42.4 | ) |   |   | - |   |   |   | - |   |   |   | (42.4 | ) |   |   | (4.0 | ) |   |   | (46.4 | ) |
| Total      comprehensive income and expenses                  |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | (508.2 | ) |   |   | 5.6 |   |   |   | (42.4 | ) |   |   | - |   |   |   | 5,003.4 |   |   |   | 4.458.4 |   |   |   | 59.4 |   |   |   | 4.517.8 |   |
| Shares      issued                                            |   |                                                             | 389.1   |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (260.8 | ) |   |   | 128.3 |   |   |   | - |   |   |   | 128.3 |   |
| Dividends                                                     |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,925.9 | ) |   |   | (1,925.9 | ) |   |   | - |   |   |   | (1,925.9 | ) |
| Share-based      payments                                     |   |                                                             | -       |   |           |   | -        |                |   |   | 31.2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 31.2 |   |   |   | 1.2 |   |   |   | 32.3 |   |
| Treasury      shares                                          |   |                                                             | -       |   |           |   | (218.1   | )                   |   |   | (5.3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (19.1 | ) |   |   | (2,762/2 | ) |   |   | (3,004.7 | ) |   |   | - |   |   |   | (3.004.7 | ) |
| Other                                                         |   |                                                             | -       |   |           |   | -        |                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 29.5 |   |   |   | 29.5 |   |   |   | (121.7 | ) |   |   | (92,2 | ) |
| As      per December 31,2007                                  |   |                                                             | 6,105.2 |   |           |   | (1,158.9 | )                   |   |   | 118.4 |   |   |   | (508.2 | ) |   |   | 38.3 |   |   |   | (507.0 | ) |   |   | (86.1 | ) |   |   | 14,118.3 |   |   |   | 18,120.0 |   |   |   | 506,7 |   |   |   | 18.626,7 |   |

----

|                                                                                                  |   | 2009   |     |   | 2008   |   |     | 2007   |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Net      income                                                                                       |   |   | 5,988.4  |   |   |   | 5,190.9  |   |   |   | 5,068.8 |   |
| Depreciation,      amortization and impairment                                                        |   |   | 1,376.5  |   |   |   | 1,290.7  |   |   |   | 1,084.9 |   |
| Impairment      losses on receivables and inventories                                                 |   |   | 74.7     |   |   |   | 56.0     |   |   |   | 37.2 |   |
| Additions/(reversals)      in provisions and employee benefits                                        |   |   | 119.9    |   |   |   | 190.8    |   |   |   | 111.0 |   |
| Net      financing cost                                                                               |   |   | 982.1    |   |   |   | 1,190.8  |   |   |   | 1,163.1 |   |
| Other      non-cash items included in the net income                                                  |   |   | (30.1    | )      |   |   | 7.8      |   |   |   | 46.9 |   |
| Loss/(gain)      on sale of property, plant and equipment and intangible    assets                    |   |   | (27.5    | )      |   |   | (20.0    | )      |   |   | (3.1 | ) |
| Loss/(gain)      on assets held for sale                                                              |   |   | (2.3     | )      |   |   | (26.6    | )      |   |   | 0.8 |   |
| Equity-settled      share-based payment expense                                                       |   |   | 134.7    |   |   |   | 57.8     |   |   |   | 38.7 |   |
| Income      tax expense                                                                               |   |   | 2,208.1  |   |   |   | 1,447.2  |   |   |   | 1,510.1 |   |
| Share      of result of associates                                                                    |   |   | (0.7     | )      |   |   | (2.3     | )      |   |   | (4.2 | ) |
| Cash      flow from operating activities before changes in working capital and use      of provisions |   |   | 10,823.8 |   |   |   | 9,383.1  |   |   |   | 9,054.1 |   |
| Decrease/(increase)      in trade and other receivables                                               |   |   | (398.6   | )      |   |   | (202.5   | )      |   |   | (144.9 | ) |
| Decrease/(increase)      in inventories                                                               |   |   | 190.4    |   |   |   | (395.3   | )      |   |   | 20.1 |   |
| Increase/(decrease)      in trade and other payables                                                  |   |   | (98.8    | )      |   |   | 710.9    |   |   |   | 200.6 |   |
| Cash      generated from operations                                                                   |   |   | 10,516.8 |   |   |   | 9,496.2  |   |   |   | 9,129.9 |   |
| Interest      paid                                                                                    |   |   | (1,165.0 | )      |   |   | (976.9   | )      |   |   | (1,389.6 | ) |
| Interest      received                                                                                |   |   | 158.6    |   |   |   | 92.6     |   |   |   | 76.6 |   |
| Income      tax paid                                                                                  |   |   | (813.3   | )      |   |   | (1,579.3 | )      |   |   | (608.0 | ) |
| Cash      flow from operating activities                                                              |   |   | 8,697.1  |   |   |   | 7,032.6  |   |   |   | 7,209.0 |   |
| Proceeds      from sale of property, plant and equipment                                              |   |   | 88.5     |   |   |   | 53.9     |   |   |   | 193.3 |   |
| Proceeds      from sale of intangible assets                                                          |   |   | -        |   |   |   | 18.1     |   |   |   | 8.7 |   |
| Repayments      of loans granted                                                                      |   |   | 1.5      |   |   |   | 0.7      |   |   |   | 13.9 |   |
| Acquisition      of subsidiaries, net of cash acquired                                                |   |   | (44.5    | )      |   |   | -        |   |   |   | (432.7 | ) |
| Purchase      of minority interests                                                                   |   |   | (88.9    | )      |   |   | (691.9   | )      |   |   | 1.2 |   |
| Acquisition      of property, plant and equipment                                                     |   |   | (1,306.2 | )      |   |   | (1,782.0 | )      |   |   | (1,497.4 | ) |
| Acquisition      of intangible assets                                                                 |   |   | (132.6   | )      |   |   | (175.3   | )      |   |   | (88.0 | ) |
| Net      proceeds/(acquisition) of debt securities                                                    |   |   | (79.6    | )      |   |   | 231.4    |   |   |   | (352.0 | ) |
| Net      proceeds/(acquisition) of other assets                                                       |   |   | 10.0     |   |   |   | 131.0    |   |   |   | 6.2 |   |
| Cash      flow from investing activities                                                              |   |   | (1,551.8 | )      |   |   | (2,214.1 | )      |   |   | (2,146.8 | ) |
| Proceeds      from the issue of Shares capital                                                        |   |   | 85.0     |   |   |   | 55.7     |   |   |   | 128.3 |   |
| Proceeds      from borrowings                                                                         |   |   | 1,291.6  |   |   |   | 6,502.8  |   |   |   | 8,486.3 |   |
| Proceeds/repurchase      of treasury shares                                                           |   |   | 34.5     |   |   |   | (600.6   | )      |   |   | (2,992.0 | ) |
| Repayment      of borrowings                                                                          |   |   | (3,779.7 | )      |   |   | (6,545.4 | )      |   |   | (7,689.7 | ) |
| Cash      net finance costs other than interests                                                      |   |   | 7.8      |   |   |   | (605.7   | )      |   |   | (120.9 | ) |
| Payment      of finance lease liabilities                                                             |   |   | (7.7     | )      |   |   | (10.8    | )      |   |   | (4.7 | ) |
| Dividends      paid                                                                                   |   |   | (3,560.5 | )      |   |   | (2,801.8 | )      |   |   | (2,053.8 | ) |
| Cash      flow from financing activities                                                              |   |   | (5,929.0 | )      |   |   | (4,005.8 | )      |   |   | (4,246.5 | ) |
| Net  increase/(decrease)      in cash and cash equivalents                                  |   |   | 1,216.3  |   |   |   | 812.7    |   |   |   | 815.7 |   |
| Cash      and cash equivalents less bank overdrafts at beginning of    year                           |   |   | 3,280.0  |   |   |   | 2,240.9  |   |   |   | 1,488.3 |   |
| Effect      of exchange rate fluctuations                                                             |   |   | (472.0   | )      |   |   | 226.5    |   |   |   | (63.1 | ) |
| Cash      and cash equivalents less bank overdrafts at end of year                                    |   |   | 4,024.3  |   |   |   | 3,280.0  |   |   |   | 2,240.9 |   |

----

| 1.  | Corporate      information                                                                                                               |   | F-12 |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|--------|------|
| 2.  | Statement      of compliance                                                                                                             |   | F-13 |
| 3.  | Summary      of significant accounting policies                                                                                          |   | F-13 |
| 4.  | Segment      reporting                                                                                                                   |   | F-26 |
| 5.  | Acquisition      and disposals of subsidiaries                                                                                           |   | F-34 |
| 6.  | Other      operating income/(expenses)                                                                                                   |   | F-35 |
| 7.  | Special      items                                                                                                                       |   | F-35 |
| 8.  | Payroll      and related benefits                                                                                                        |   | F-36 |
| 9.  | Additional      information on operating expenses by nature                                                                              |   | F-36 |
| 10. | Finance      cost and income                                                                                                             |   | F-37 |
| 11. | Income      taxes and social contribution                                                                                                |   | F-39 |
| 12. | Property,      plant and equipment                                                                                                       |   | F-41 |
| 13. | Goodwill                                                                                                                                 |   | F-42 |
| 14. | Intangible      assets                                                                                                                   |   | F-44 |
| 15. | Investment      securities                                                                                                               |   | F-45 |
| 16. | Deferred      income tax and social contribution                                                                                         |   | F-45 |
| 17. | Inventories                                                                                                                              |   | F-46 |
| 18. | Trade      and other receivables                                                                                                         |   | F-47 |
| 19. | Cash      and cash equivalents                                                                                                           |   | F-48 |
| 20. | Assets      held for sale                                                                                                                |   | F-48 |
| 21. | Changes      in equity                                                                                                                   |   | F-48 |
| 22. | Earnings      per share                                                                                                                  |   | F-51 |
| 23. | Interest-bearing      loans and borrowings                                                                                               |   | F-54 |
| 24. | Employee      benefits                                                                                                                   |   | F-55 |
| 25. | Share-based      payments                                                                                                                |   | F-59 |
| 26. | Provisions                                                                                                                               |   | F-61 |
| 27. | Trade      and other payables                                                                                                            |   | F-61 |
| 28. | Risks      arising from financial instruments                                                                                            |   | F-62 |
| 29. | Operating      leases                                                                                                                    |   | F-71 |
| 30. | Collateral      and contractual commitments for the acquisition of property, plant and      equipment, advances from customers and other |   | F-71 |
| 31. | Contingencies                                                                                                                            |   | F-71 |
| 32. | Related      parties                                                                                                                     |   | F-73 |
| 33. | Events      after the balance sheet date                                                                                                 |   | F-75 |
| 34. | Correction      of  disclosure of financial statements previously      issued                                                  |   | F-75 |
| 35. | Group      companies                                                                                                                     |   | F-76 |

----

----

----

|     |   |                           |   |                                        |   | Closing rate     |   |
|----------|--------|--------------------------------|--------|---------------------------------------------|--------|-----------------------|--------|
| Currency |   | Name                           |   | Country                                     |   | December 31,2009 |   |   | December 31,2008 |   |   | December 31,2007 |   |
| CAD      |   | Canadian      Dollars          |   | Canada                                      |   |                  | 1.6581 |   |   |   | 1.9134 |   |   |   | 1.8046 |   |
| DOP      |   | Dominican      Pesos           |   | Dominican      Republic                     |   |                  | 0.0485 |   |   |   | 0.0661 |   |   |   | 0.0533 |   |
| USD      |   | US      Dollars                |   | Ecuador  and  Luxemburg |   |                  | 1.7412 |   |   |   | 2.3370 |   |   |   | 1.7713 |   |
| GTQ      |   | Guatemala’s      Quetzal |   | Guatemala                                   |   |                  | 0.2102 |   |   |   | 0.3006 |   |   |   | 0.2321 |   |
| PEN      |   | Peruvian      Sol              |   | Peru                                        |   |                  | 0.6059 |   |   |   | 0.7438 |   |   |   | 0.5909 |   |
| VEF      |   | Venezuelan      Bolivars       |   | Venezuela                                   |   |                  | 0.8159 |   |   |   | 1.0883 |   |   |   | 0.8240 |   |
| ARS      |   | Argentinean      Peso          |   | Argentina                                   |   |                  | 0.4586 |   |   |   | 0.6774 |   |   |   | 0.5621 |   |
| BOB      |   | Bolivian                       |   | Bolivia                                     |   |                  | 0.2463 |   |   |   | 0.3306 |   |   |   | 0.2309 |   |
| PYG      |   | Paraguayan      Guarani        |   | Paraguay                                    |   |                  | 0.0004 |   |   |   | 0.0005 |   |   |   | 0.0004 |   |
| UYU      |   | Uruguayan      Peso            |   | Uruguay                                     |   |                  | 0.0887 |   |   |   | 0.0959 |   |   |   | 0.0822 |   |
| CLP      |   | Chilean      Peso              |   | Chile                                       |   |                  | 0.0034 |   |   |   | 0.0037 |   |   |   | 0.0036 |   |

----

----

| Buildings                  | 25      years |
|----------------------------|---------------|
| Plant      and equipment   | 10      years |
| Fixtures      and fittings | 5      years  |

----

----

----

----

----

----

----

|   | ▪ | The      definition of a business has been broadened, which is likely to result in      more acquisitions being treated as business  combinations. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Contingent      consideration will be measured at fair value, with subsequent changes      therein recognized in profit orloss. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|   | ▪ | Transaction      costs, other than share and debt issue costs, will be expensed as      incurred. |
|--------|---------|---------------------------------------------------------------------------------------------------|

|   | ▪ | Any      pre-existing interest in the acquiree will be measured at fair value with      the gain or loss recognized in profit orloss. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ▪ | Any      non-controlling (minority) interest will be measured at either fair value,      or at its proportionate interest in the identifiable assets and      liabilities of the acquiree, on a transaction-by-transaction      basis. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                         |   | 2009   |     |
|----------------------------------------------|--------|--------|----------|
| (in millions of Brazilian      reais)        |   | LAN    |     |   | LAS |   |   | Canada |   |   | Consolidated |   |
| Net      sales                               |   |   | 15,414.2 |   |   |   | 3,826.5 |   |   |   | 3,953.3 |   |   |   | 23,194.0 |   |
| Cost      of sales                           |   |   | (4,900.7 | ) |   |   | (1,490.8 | ) |   |   | (1,340.4 | ) |   |   | (7,731.9 | ) |
| Gross      profit                            |   |   | 10,513.5 |   |   |   | 2,335.7 |   |   |   | 2,612.9 |   |   |   | 15,462.1 |   |
| Sales      and marketing expenses            |   |   | (3,722.2 | ) |   |   | (701.2 | ) |   |   | (1,118.6 | ) |   |   | (5,542.0 | ) |
| Administrative      expenses                 |   |   | (1,133.9 | ) |   |   | (153.9 | ) |   |   | (190.3 | ) |   |   | (1,478.1 | ) |
| Other      operating income/(expenses)       |   |   | 549.5    |   |   |   | (14.7 | ) |   |   | 4.5 |   |   |   | 539.3 |   |
| Special      items                           |   |   | 219.7    |   |   |   | (13.5 | ) |   |   | (9.6 | ) |   |   | 196.6 |   |
| Income      from operations                  |   |   | 6,426.6  |   |   |   | 1,452.4 |   |   |   | 1,298.9 |   |   |   | 9,177.9 |   |
| Net      financial cost                      |   |   | (711.2   | ) |   |   | (186.0 | ) |   |   | (84.9 | ) |   |   | (982.1 | ) |
| Share      of results of associates          |   |   | -        |   |   |   | - |   |   |   | 0.7 |   |   |   | 0.7 |   |
| Income      before income tax                |   |   | 5,715.4  |   |   |   | 1,266.4 |   |   |   | 1,214.7 |   |   |   | 8,196.5 |   |
| Income      tax expense                      |   |   | (1,380.8 | ) |   |   | (371.7 | ) |   |   | (455.6 | ) |   |   | (2,208.1 | ) |
| Net      income                              |   |   | 4,334.6  |   |   |   | 894.7 |   |   |   | 759.1 |   |   |   | 5,988.4 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Attributable      to:                        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev                 |   |   | 4,411.1  |   |   |   | 815.8 |   |   |   | 759.2 |   |   |   | 5,986.1 |   |
| Minority      interest                       |   |   | (76.7    | ) |   |   | 79.0 |   |   |   | - |   |   |   | 2.3 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment      assets                          |   |   | 11,763.7 |   |   |   | 5,398.0 |   |   |   | 16,348.5 |   |   |   | 33,510.2 |   |
| Intersegment      elimination                |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (679.1 | ) |
| Non-segmented      assets                    |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 6,590.8 |   |
| Total      assets                            |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 40,101.0 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment      liabilities                     |   |   | 6,659.5  |   |   |   | 1,366.0 |   |   |   | 1,376.9 |   |   |   | 9,402.4 |   |
| Intersegment      elimination                |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (679.1 | ) |
| Non-segmented      liabilities               |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 30,698.6 |   |
| Total      liabilities                       |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 40,101.0 |   |
| CAPEX                                        |   |   | 1,006.1  |   |   |   | 311.8 |   |   |   | 121.8 |   |   |   | 1,439.7 |   |
| Impairment      losses/ (reversals)          |   |   | 100.2    |   |   |   | 0.7 |   |   |   | - |   |   |   | 100.9 |   |
| Depreciation      and amortization           |   |   | 772.9    |   |   |   | 289.6 |   |   |   | 216.4 |   |   |   | 1,278.9 |   |
| Additions      to/ (reversals of) provisions |   |   | 107.4    |   |   |   | 6.1 |   |   |   | 3.9 |   |   |   | 117.5 |   |
| Full      time employees                     |   |   | 30,070   |   |   |   | 7,780 |   |   |   | 2,937 |   |   |   | 40,787 |   |

----

|                                         |   | 2008   |     |
|----------------------------------------------|--------|--------|----------|
| (in millions of Brazilian      reais)        |   | LAN    |     |   | LAS |   |   | Canada |   |   | Consolidated |   |
| Net      sales                               |   |   | 13,671.9 |   |   |   | 3,300.4 |   |   |   | 3,740.9 |   |   |   | 20,713.2 |   |
| Cost      of sales                           |   |   | (4,602.2 | ) |   |   | (1,395.3 | ) |   |   | (1,220.2 | ) |   |   | (7,217.7 | ) |
| Gross      profit                            |   |   | 9,069.7  |   |   |   | 1,905.1 |   |   |   | 2,520.7 |   |   |   | 13,495.5 |   |
| Sales      and marketing expenses            |   |   | (3,237.7 | ) |   |   | (599.1 | ) |   |   | (1,119.5 | ) |   |   | (4,956.3 | ) |
| Administrative      expenses                 |   |   | (757.7   | ) |   |   | (128.2 | ) |   |   | (151.1 | ) |   |   | (1,037.0 | ) |
| Other      operating income/(expenses)       |   |   | 335.6    |   |   |   | 24.7 |   |   |   | 23.2 |   |   |   | 383.5 |   |
| Special      items                           |   |   | (48.0    | ) |   |   | (6.9 | ) |   |   | (4.3 | ) |   |   | (59.2 | ) |
| Income  from      operations       |   |   | 5,361.9  |   |   |   | 1,195.6 |   |   |   | 1,269.0 |   |   |   | 7,826.5 |   |
| Net      financial cost                      |   |   | (1,046.1 | ) |   |   | (76.2 | ) |   |   | (68.5 | ) |   |   | (1,190.8 | ) |
| Share      of results of associates          |   |   | -        |   |   |   | 2.0 |   |   |   | 0.3 |   |   |   | 2.3 |   |
| Income  before      income tax     |   |   | 4,315.8  |   |   |   | 1,121.4 |   |   |   | 1,200.8 |   |   |   | 6,638.0 |   |
| Income      tax expense                      |   |   | (830.1   | ) |   |   | (335.4 | ) |   |   | (281.6 | ) |   |   | (1,447.2 | ) |
| Net      income                              |   |   | 3,485.7  |   |   |   | 786.0 |   |   |   | 919.2 |   |   |   | 5,190.9 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Attributable      to:                        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev                 |   |   | 3,485.7  |   |   |   | 714.2 |   |   |   | 919.2 |   |   |   | 5,119.1 |   |
| Minority      interest                       |   |   | -        |   |   |   | 71.8 |   |   |   | - |   |   |   | 71.8 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment      assets                          |   |   | 10,627.8 |   |   |   | 7,687.8 |   |   |   | 18,288.2 |   |   |   | 36,603.8 |   |
| Intersegment      elimination                |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (715.7 | ) |
| Non-segmented      assets                    |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 5,924.9 |   |
| Total      assets                            |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 41,813.0 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment      liabilities                     |   |   | 6,028.1  |   |   |   | 1,781.4 |   |   |   | 1,570.0 |   |   |   | 9,379.5 |   |
| Intersegment      elimination                |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (715.7 | ) |
| Non-segmented      liabilities               |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 33,149.2 |   |
| Total      liabilities                       |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 41,813.0 |   |
| CAPEX                                        |   |   | 1,247.5  |   |   |   | 506.8 |   |   |   | 204.0 |   |   |   | 1,958.4 |   |
| Impairment      losses/ (reversals)          |   |   | 96.8     |   |   |   | (0.3 | ) |   |   | 2.0 |   |   |   | 98.5 |   |
| Depreciation      and amortization           |   |   | 749.4    |   |   |   | 235.0 |   |   |   | 205.6 |   |   |   | 1,190.0 |   |
| Additions      to/ (reversals of) provisions |   |   | 156.4    |   |   |   | 10.0 |   |   |   | 1.7 |   |   |   | 168.2 |   |
| Full      time employees                     |   |   | 28,517   |   |   |   | 7,554 |   |   |   | 3,230 |   |   |   | 39,301 |   |

----

|                                         |   | 2007   |     |
|----------------------------------------------|--------|--------|----------|
| (in      millions of Brazilian reais)        |   | LAN    |     |   | LAS |   |   | Canada |   |   | Consolidated |   |
| Net      sales                               |   |   | 13,075.4 |   |   |   | 2,673.4 |   |   |   | 3,830.7 |   |   |   | 19,579.5 |   |
| Cost      of sales                           |   |   | (4,306.3 | ) |   |   | (1,132.0 | ) |   |   | (1,160.8 | ) |   |   | (6,599.2 | ) |
| Gross      profit                            |   |   | 8,769.1  |   |   |   | 1,541.4 |   |   |   | 2,669.9 |   |   |   | 12,980.4 |   |
| Sales      and marketing expenses            |   |   | (2,926.0 | ) |   |   | (534.5 | ) |   |   | (1,148.6 | ) |   |   | (4,609.1 | ) |
| Administrative      expenses                 |   |   | (693.0   | ) |   |   | (116.7 | ) |   |   | (203.1 | ) |   |   | (1,012.9 | ) |
| Other      operating income/(expenses)       |   |   | 323.6    |   |   |   | (31.8 | ) |   |   | 15.0 |   |   |   | 306.8 |   |
| Special      items                           |   |   | 37.1     |   |   |   | (3.8 | ) |   |   | 39.3 |   |   |   | 72.5 |   |
| Income      from operations                  |   |   | 5,510.7  |   |   |   | 854.6 |   |   |   | 1,372.4 |   |   |   | 7,737.8 |   |
| Net      financial cost                      |   |   | (991.7   | ) |   |   | (50.5 | ) |   |   | (120.9 | ) |   |   | (1,163.1 | ) |
| Share      of results of associates          |   |   | -        |   |   |   | 3.4 |   |   |   | 0.8 |   |   |   | 4.2 |   |
| Income      before income tax                |   |   | 4,519.0  |   |   |   | 807.5 |   |   |   | 1,252.3 |   |   |   | 6,578.9 |   |
| Income      tax expense                      |   |   | (813.1   | ) |   |   | (242.9 | ) |   |   | (454.1 | ) |   |   | (1,510.1 | ) |
| Net      income                              |   |   | 3,706.0  |   |   |   | 564.6 |   |   |   | 798.3 |   |   |   | 5,068.8 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Attributable      to:                        |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev                 |   |   | 3,746.9  |   |   |   | 458.2 |   |   |   | 798.3 |   |   |   | 5,003.4 |   |
| Minority      interest                       |   |   | (41.0    | ) |   |   | 106.4 |   |   |   | - |   |   |   | 65.4 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment      assets                          |   |   | 9,066.0  |   |   |   | 5,026.3 |   |   |   | 18,342.5 |   |   |   | 32,434.9 |   |
| Intersegment      elimination                |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (408.8 | ) |
| Non-segmented      assets                    |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 5,654.4 |   |
| Total      assets                            |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 37,680.4 |   |
|                                         |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment      liabilities                     |   |   | 5,571.3  |   |   |   | 988.8 |   |   |   | 1,658.1 |   |   |   | 8,218.3 |   |
| Intersegment      elimination                |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (405.8 | ) |
| Non-segmented      liabilities               |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 29,867.9 |   |
| Total      liabilities                       |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 37,680.4 |   |
| CAPEX                                        |   |   | 1,062.3  |   |   |   | 325.7 |   |   |   | 184.2 |   |   |   | 1,572.2 |   |
| Impairment      losses/ (reversals)          |   |   | 8.4      |   |   |   | - |   |   |   | (33.9 | ) |   |   | (25.5 | ) |
| Depreciation      and amortization           |   |   | 696.7    |   |   |   | 218.2 |   |   |   | 205.0 |   |   |   | 1,120.0 |   |
| Additions      to/ (reversals of) provisions |   |   | 81.0     |   |   |   | 31.1 |   |   |   | 3.1 |   |   |   | 115.1 |   |
| Full      time employees                     |   |   | 25,847   |   |   |   | 7,290 |   |   |   | 3,168 |   |   |   | 36,305 |   |

----

|                                   |   | LAN    |     |
|----------------------------------------|--------|--------|----------|
|                                   |   | 2009   |     |   | 2008 |   |   | 2007 |   |
| (in      millions of Brazilian reais)  |   | Beer   |     |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |
| Net      sales                         |   |   | 12,538.6 |   |   |   | 2,875.6 |   |   |   | 15,414.2 |   |   |   | 11,106.6 |   |   |   | 2,565.3 |   |   |   | 13,671.9 |   |   |   | 10,686.3 |   |   |   | 2,389.1 |   |   |   | 13,075.4 |   |
| Cost      of sales                     |   |   | (3,702.1 | ) |   |   | (1,198.6 | ) |   |   | (4,900.7 | ) |   |   | (3,473.5 | ) |   |   | (1,128.7 | ) |   |   | (4,602.1 | ) |   |   | (3,153.5 | ) |   |   | (1,152.8 | ) |   |   | (4,306.3 | ) |
| Gross      profit                      |   |   | 8,836.5  |   |   |   | 1,677.0 |   |   |   | 10,513.5 |   |   |   | 7,633.1 |   |   |   | 1,436.6 |   |   |   | 9,069.7 |   |   |   | 7,532.8 |   |   |   | 1,236.3 |   |   |   | 8,769.1 |   |
| Sales      and marketing expenses      |   |   | (3,095.1 | ) |   |   | (627.1 | ) |   |   | (3,722.2 | ) |   |   | (2,686.2 | ) |   |   | (551.5 | ) |   |   | (3,237.7 | ) |   |   | (2,384.3 | ) |   |   | (541.7 | ) |   |   | (2,926.0 | ) |
| Administrative      expenses           |   |   | (971.6   | ) |   |   | (162.3 | ) |   |   | (1,133.9 | ) |   |   | (661.2 | ) |   |   | (96.5 | ) |   |   | (757.7 | ) |   |   | (601.6 | ) |   |   | (91.4 | ) |   |   | (693.0 | ) |
| Other      operating income/(expenses) |   |   | 415.3    |   |   |   | 134.2 |   |   |   | 549.5 |   |   |   | 248.4 |   |   |   | 87.2 |   |   |   | 335.6 |   |   |   | 256.0 |   |   |   | 67.5 |   |   |   | 323.6 |   |
| Special      items                     |   |   | 159.6    |   |   |   | 60.1 |   |   |   | 219.7 |   |   |   | (36.7 | ) |   |   | (11.3 | ) |   |   | (48.0 | ) |   |   | 28.2 |   |   |   | 8.8 |   |   |   | 37.1 |   |
| Income      from operations            |   |   | 5,344.7  |   |   |   | 1,081.9 |   |   |   | 6,426.6 |   |   |   | 4,497.4 |   |   |   | 864.5 |   |   |   | 5,361.9 |   |   |   | 4,831.1 |   |   |   | 679.6 |   |   |   | 5,510.7 |   |
| Net      financial cost                |   |   | (711.2   | ) |   |   | - |   |   |   | (711.2 | ) |   |   | (1,046.1 | ) |   |   | - |   |   |   | (1,046.1 | ) |   |   | (991.7 | ) |   |   | - |   |   |   | (991.7 | ) |
| Share      of results of associates    |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income tax          |   |   | 4,633.5  |   |   |   | 1,081.9 |   |   |   | 5,715.4 |   |   |   | 3,451.3 |   |   |   | 864.5 |   |   |   | 4,315.8 |   |   |   | 3,839.4 |   |   |   | 679.6 |   |   |   | 4,519.0 |   |
|                                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                |   |   | (1,380.8 | ) |   |   | - |   |   |   | (1,380.8 | ) |   |   | (830.1 | ) |   |   | - |   |   |   | (830.1 | ) |   |   | (813.1 | ) |   |   | - |   |   |   | (813.1 | ) |
| Net      income                        |   |   | 3,252.7  |   |   |   | 1,081.9 |   |   |   | 4,334.6 |   |   |   | 2,621.2 |   |   |   | 864.5 |   |   |   | 3,485.7 |   |   |   | 3,026.4 |   |   |   | 679.6 |   |   |   | 3,706.0 |   |
| Attributable      to:                  |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev           |   |   | 3,320.2  |   |   |   | 1,090.9 |   |   |   | 4,411.1 |   |   |   | 2,621.2 |   |   |   | 864.5 |   |   |   | 3,485.7 |   |   |   | 3,052.5 |   |   |   | 694.4 |   |   |   | 3,746.9 |   |
| Minority      interest                 |   |   | (67.7    | ) |   |   | (9.0 | ) |   |   | (76.7 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (26.1 | ) |   |   | (14.8 | ) |   |   | (41.0 | ) |

----

|                                   |   | Brazil |     |
|----------------------------------------|--------|--------|----------|
|                                   |   | 2009   |     |   | 2008 |   |   | 2007 |   |
| (in      millions of Brazilian reais)  |   | Beer   |     |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |
| Net      sales                         |   |   | 12,064.7 |   |   |   | 2,567.4 |   |   |   | 14,632.1 |   |   |   | 10,759.5 |   |   |   | 2,299.2 |   |   |   | 13,058.7 |   |   |   | 10,283.9 |   |   |   | 2,110.9 |   |   |   | 12,394.8 |   |
| Cost      of sales                     |   |   | (3,411.9 | ) |   |   | (999.3 | ) |   |   | (4,411.2 | ) |   |   | (3,224.3 | ) |   |   | (956.9 | ) |   |   | (4,181.2 | ) |   |   | (2,930.6 | ) |   |   | (971.7 | ) |   |   | (3,902.2 | ) |
| Gross      profit                      |   |   | 8,652.8  |   |   |   | 1,568.0 |   |   |   | 10,220.8 |   |   |   | 7,535.2 |   |   |   | 1,342.3 |   |   |   | 8,877.5 |   |   |   | 7,353.4 |   |   |   | 1,139.2 |   |   |   | 8,492.6 |   |
| Sales      and marketing expenses      |   |   | (2,843.5 | ) |   |   | (515.8 | ) |   |   | (3,359.2 | ) |   |   | (2,482.0 | ) |   |   | (444.4 | ) |   |   | (2,926.4 | ) |   |   | (2,198.7 | ) |   |   | (424.2 | ) |   |   | (2,622.9 | ) |
| Administrative      expenses           |   |   | (911.0   | ) |   |   | (114.3 | ) |   |   | (1,025.2 | ) |   |   | (613.5 | ) |   |   | (71.9 | ) |   |   | (685.4 | ) |   |   | (561.3 | ) |   |   | (65.2 | ) |   |   | (626.5 | ) |
| Other      operating income/(expenses) |   |   | 392.5    |   |   |   | 131.1 |   |   |   | 523.6 |   |   |   | 221.9 |   |   |   | 87.6 |   |   |   | 309.5 |   |   |   | 255.8 |   |   |   | 69.1 |   |   |   | 324.9 |   |
| Special      items                     |   |   | 166.3    |   |   |   | 61.8 |   |   |   | 228.1 |   |   |   | (31.8 | ) |   |   | (10.7 | ) |   |   | (42.5 | ) |   |   | 30.5 |   |   |   | 11.0 |   |   |   | 41.5 |   |
| Income      from operations            |   |   | 5,457.1  |   |   |   | 1,130.8 |   |   |   | 6,588.2 |   |   |   | 4,629.9 |   |   |   | 902.9 |   |   |   | 5,532.7 |   |   |   | 4,879.7 |   |   |   | 730.0 |   |   |   | 5,609.6 |   |
| Net      financial cost                |   |   | (787.5   | ) |   |   | - |   |   |   | (787.5 | ) |   |   | (1,017.3 | ) |   |   | - |   |   |   | (1,017.3 | ) |   |   | (931.9 | ) |   |   | - |   |   |   | (931.9 | ) |
| Share      of results of associates    |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income tax          |   |   | 4,669.6  |   |   |   | 1,130.8 |   |   |   | 5,800.7 |   |   |   | 3,612.6 |   |   |   | 902.9 |   |   |   | 4,515.4 |   |   |   | 3,947.7 |   |   |   | 730.0 |   |   |   | 4,677.7 |   |
|                                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                |   |   | (1,372.2 | ) |   |   | - |   |   |   | (1,372.2 | ) |   |   | (828.1 | ) |   |   | - |   |   |   | (828.1 | ) |   |   | (810.5 | ) |   |   | - |   |   |   | (810.5 | ) |
| Net      income                        |   |   | 3,297.4  |   |   |   | 1,130.8 |   |   |   | 4,428.5 |   |   |   | 2,784.5 |   |   |   | 902.9 |   |   |   | 3,687.3 |   |   |   | 3,137.3 |   |   |   | 730.0 |   |   |   | 3,867.2 |   |
| Attributable      to:                  |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev           |   |   | 3,318.7  |   |   |   | 1,130.8 |   |   |   | 4,449.5 |   |   |   | 2,784.5 |   |   |   | 902.9 |   |   |   | 3,687.3 |   |   |   | 3,130.5 |   |   |   | 730.0 |   |   |   | 3,860.4 |   |
| Minority      interest                 |   |   | (21.3    | ) |   |   | - |   |   |   | (21.3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6.8 |   |   |   | - |   |   |   | 6.8 |   |

----

|                                   |   | HILA-Ex |   |
|----------------------------------------|--------|---------|--------|
|                                   |   | 2009    |   |   | 2008 |   |   | 2007 |   |
| (in      millions of Brazilian reais)  |   | Beer    |   |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |
| Net      sales                         |   |    | 473.9  |   |   |   | 308.2 |   |   |   | 782.1 |   |   |   | 347.1 |   |   |   | 266.1 |   |   |   | 613.2 |   |   |   | 402.3 |   |   |   | 278.2 |   |   |   | 680.6 |   |
| Cost      of sales                     |   |    | (290.2 | ) |   |   | (199.3 | ) |   |   | (489.5 | ) |   |   | (249.2 | ) |   |   | (171.8 | ) |   |   | (421.0 | ) |   |   | (223.0 | ) |   |   | (181.2 | ) |   |   | (404.1 | ) |
| Gross      profit                      |   |    | 183.8  |   |   |   | 108.9 |   |   |   | 292.7 |   |   |   | 97.9 |   |   |   | 94.3 |   |   |   | 192.2 |   |   |   | 179.4 |   |   |   | 97.1 |   |   |   | 276.4 |   |
| Sales      and marketing expenses      |   |    | (251.8 | ) |   |   | (111.3 | ) |   |   | (363.0 | ) |   |   | (204.2 | ) |   |   | (107.1 | ) |   |   | (311.3 | ) |   |   | (185.6 | ) |   |   | (117.4 | ) |   |   | (303.1 | ) |
| Administrative      expenses           |   |    | (60.6  | ) |   |   | (48.1 | ) |   |   | (108.7 | ) |   |   | (47.7 | ) |   |   | (24.6 | ) |   |   | (72.3 | ) |   |   | (40.2 | ) |   |   | (26.2 | ) |   |   | (66.4 | ) |
| Other      operating income/(expenses) |   |    | 22.8   |   |   |   | 3.1 |   |   |   | 25.9 |   |   |   | 26.5 |   |   |   | (0.4 | ) |   |   | 26.1 |   |   |   | 0.2 |   |   |   | (1.6 | ) |   |   | (1.4 | ) |
| Special      items                     |   |    | (6.8   | ) |   |   | (1.6 | ) |   |   | (8.4 | ) |   |   | (4.9 | ) |   |   | (0.6 | ) |   |   | (5.5 | ) |   |   | (2.2 | ) |   |   | (2.2 | ) |   |   | (4.4 | ) |
| Income      from operations            |   |    | (112.6 | ) |   |   | (49.0 | ) |   |   | (161.6 | ) |   |   | (132.5 | ) |   |   | (38.4 | ) |   |   | (170.8 | ) |   |   | (48.5 | ) |   |   | (50.4 | ) |   |   | (98.9 | ) |
| Net      financial cost                |   |    | 76.3   |   |   |   | - |   |   |   | 76.3 |   |   |   | (28.8 | ) |   |   | - |   |   |   | (28.8 | ) |   |   | (59.8 | ) |   |   | - |   |   |   | (59.8 | ) |
| Share      of results of associates    |   |    | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income tax          |   |    | (36.3  | ) |   |   | (49.0 | ) |   |   | (85.3 | ) |   |   | (161.3 | ) |   |   | (38.4 | ) |   |   | (199.6 | ) |   |   | (108.3 | ) |   |   | (50.4 | ) |   |   | (158.7 | ) |
|                                   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                |   |    | (8.6   | ) |   |   | - |   |   |   | (8.6 | ) |   |   | (2.0 | ) |   |   | - |   |   |   | (2.0 | ) |   |   | (2.6 | ) |   |   | - |   |   |   | (2.6 | ) |
| Net      income                        |   |    | (44.9  | ) |   |   | (49.0 | ) |   |   | (93.9 | ) |   |   | (163.3 | ) |   |   | (38.4 | ) |   |   | (201.6 | ) |   |   | (110.9 | ) |   |   | (50.4 | ) |   |   | (161.3 | ) |
| Attributable      to:                  |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev           |   |    | 1.5    |   |   |   | (40.0 | ) |   |   | (38.4 | ) |   |   | (163.3 | ) |   |   | (38.4 | ) |   |   | (201.6 | ) |   |   | (78.0 | ) |   |   | (35.5 | ) |   |   | (113.5 | ) |
| Minority      interest                 |   |    | (46.5  | ) |   |   | (9.0 | ) |   |   | (55.4 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (32.9 | ) |   |   | (14.8 | ) |   |   | (47.8 | ) |

----

|                                   |   | LAS    |    |
|----------------------------------------|--------|--------|---------|
|                                   |   | 2009   |    |   | 2008 |   |   | 2007 |   |
| (in      millions of Brazilian reais)  |   | Beer   |    |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |   | Beer |   |   | Soft      drinks |   |   | Total |   |
| Net      sales                         |   |   | 2,785.9 |   |   |   | 1,040.6 |   |   |   | 3,826.5 |   |   |   | 2,376.2 |   |   |   | 924.1 |   |   |   | 3,300.4 |   |   |   | 1,898.6 |   |   |   | 774.8 |   |   |   | 2,673.4 |   |
| Cost      of sales                     |   |   | (881.1  | ) |   |   | (609.7 | ) |   |   | (1,490.8 | ) |   |   | (809.6 | ) |   |   | (585.7 | ) |   |   | (1,395.3 | ) |   |   | (633.5 | ) |   |   | (498.5 | ) |   |   | (1,132.0 | ) |
| Gross      profit                      |   |   | 1,904.8 |   |   |   | 430.9 |   |   |   | 2,335.7 |   |   |   | 1,566.6 |   |   |   | 338.5 |   |   |   | 1,905.1 |   |   |   | 1,265.1 |   |   |   | 276.3 |   |   |   | 1,541.4 |   |
| Sales      and marketing expenses      |   |   | (471.4  | ) |   |   | (229.8 | ) |   |   | (701.2 | ) |   |   | (398.5 | ) |   |   | (200.5 | ) |   |   | (599.1 | ) |   |   | (346.1 | ) |   |   | (188.4 | ) |   |   | (534.5 | ) |
| Administrative      expenses           |   |   | (145.7  | ) |   |   | (8.2 | ) |   |   | (153.9 | ) |   |   | (124.5 | ) |   |   | (3.7 | ) |   |   | (128.2 | ) |   |   | (107.4 | ) |   |   | (9.4 | ) |   |   | (116.7 | ) |
| Other      operating income/(expenses) |   |   | (16.7   | ) |   |   | 2.0 |   |   |   | (14.7 | ) |   |   | 9.8 |   |   |   | 15.0 |   |   |   | 24.7 |   |   |   | (42.6 | ) |   |   | 10.9 |   |   |   | (31.8 | ) |
| Special      items                     |   |   | (13.3   | ) |   |   | (0.2 | ) |   |   | (13.5 | ) |   |   | (6.9 | ) |   |   | - |   |   |   | (6.9 | ) |   |   | (3.5 | ) |   |   | (0.3 | ) |   |   | (3.8 | ) |
| Income      from operations            |   |   | 1,257.7 |   |   |   | 194.7 |   |   |   | 1,452.4 |   |   |   | 1,046.5 |   |   |   | 149.1 |   |   |   | 1,195.6 |   |   |   | 765.4 |   |   |   | 89.1 |   |   |   | 854.6 |   |
| Net      financial cost                |   |   | (186.0  | ) |   |   | - |   |   |   | (186.0 | ) |   |   | (79.3 | ) |   |   | 3.1 |   |   |   | (76.2 | ) |   |   | (50.8 | ) |   |   | 0.3 |   |   |   | (50.5 | ) |
| Share      of results of associates    |   |   | -       |   |   |   | - |   |   |   | - |   |   |   | 2.0 |   |   |   | - |   |   |   | 2.0 |   |   |   | 3.4 |   |   |   | - |   |   |   | 3.4 |   |
|                                   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income tax          |   |   | 1,071.7 |   |   |   | 194.7 |   |   |   | 1,266.4 |   |   |   | 969.2 |   |   |   | 152.2 |   |   |   | 1,121.4 |   |   |   | 718.1 |   |   |   | 89.4 |   |   |   | 807.5 |   |
|                                   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                |   |   | (371.7  | ) |   |   | - |   |   |   | (371.7 | ) |   |   | (335.4 | ) |   |   | - |   |   |   | (335.4 | ) |   |   | (242.9 | ) |   |   | - |   |   |   | (242.9 | ) |
| Net      income                        |   |   | 700.0   |   |   |   | 194.7 |   |   |   | 894.7 |   |   |   | 633.8 |   |   |   | 152.2 |   |   |   | 786.0 |   |   |   | 475.2 |   |   |   | 89.4 |   |   |   | 564.6 |   |
| Attributable      to:                  |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev           |   |   | 621.4   |   |   |   | 194.3 |   |   |   | 815.8 |   |   |   | 562.3 |   |   |   | 151.9 |   |   |   | 714.2 |   |   |   | 378.6 |   |   |   | 79.6 |   |   |   | 458.2 |   |
| Minority      interest                 |   |   | 78.6    |   |   |   | 0.4 |   |   |   | 79.0 |   |   |   | 71.5 |   |   |   | 0.3 |   |   |   | 71.8 |   |   |   | 96.6 |   |   |   | 9.8 |   |   |   | 106.4 |   |

----

|                                   |   | Canada |     |
|----------------------------------------|--------|--------|----------|
|                                   |   | 2009   |     |   | 2008 |   |   | 2007 |   |
| (in      millions of Brazilian reais)  |   | Beer   |     |   | Total |   |   | Beer |   |   | Total |   |   | Beer |   |   | Total |   |
| Net      sales                         |   |   | 3,953.3  |   |   |   | 3,953.3 |   |   |   | 3,740.9 |   |   |   | 3,740.9 |   |   |   | 3,830.7 |   |   |   | 3,830.7 |   |
| Cost      of sales                     |   |   | (1,340.4 | ) |   |   | (1,340.4 | ) |   |   | (1,220.2 | ) |   |   | (1,220.2 | ) |   |   | (1,160.8 | ) |   |   | (1,160.8 | ) |
| Gross      profit                      |   |   | 2,612.9  |   |   |   | 2,612.9 |   |   |   | 2,520.7 |   |   |   | 2,520.7 |   |   |   | 2,669.9 |   |   |   | 2,669.9 |   |
| Sales      and marketing expenses      |   |   | (1,118.6 | ) |   |   | (1,118.6 | ) |   |   | (1,119.5 | ) |   |   | (1,119.5 | ) |   |   | (1,148.6 | ) |   |   | (1,148.6 | ) |
| Administrative      expenses           |   |   | (190.3   | ) |   |   | (190.3 | ) |   |   | (151.1 | ) |   |   | (151.1 | ) |   |   | (203.1 | ) |   |   | (203.1 | ) |
| Other      operating income/(expenses) |   |   | 4.5      |   |   |   | 4.5 |   |   |   | 23.2 |   |   |   | 23.2 |   |   |   | 15.0 |   |   |   | 15.0 |   |
| Special      items                     |   |   | (9.6     | ) |   |   | (9.6 | ) |   |   | (4.3 | ) |   |   | (4.3 | ) |   |   | 39.3 |   |   |   | 39.3 |   |
| Income      from operations            |   |   | 1,298.9  |   |   |   | 1,298.9 |   |   |   | 1,269.0 |   |   |   | 1,269.0 |   |   |   | 1,372.4 |   |   |   | 1,372.4 |   |
| Net      financial cost                |   |   | (84.9    | ) |   |   | (84.9 | ) |   |   | (68.5 | ) |   |   | (68.5 | ) |   |   | (120.9 | ) |   |   | (120.9 | ) |
| Share      of results of associates    |   |   | 0.7      |   |   |   | 0.7 |   |   |   | 0.3 |   |   |   | 0.3 |   |   |   | 0.8 |   |   |   | 0.8 |   |
|                                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income tax          |   |   | 1,214.7  |   |   |   | 1,214.7 |   |   |   | 1,200.8 |   |   |   | 1,200.8 |   |   |   | 1,252.3 |   |   |   | 1,252.3 |   |
|                                   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      tax expense                |   |   | (455.6   | ) |   |   | (455.6 | ) |   |   | (281.6 | ) |   |   | (281.6 | ) |   |   | (454.1 | ) |   |   | (454.1 | ) |
| Net      income                        |   |   | 759.1    |   |   |   | 759.1 |   |   |   | 919.2 |   |   |   | 919.2 |   |   |   | 798.3 |   |   |   | 798.3 |   |
| Attributable      to:                  |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      holders of AmBev           |   |   | 759.1    |   |   |   | 759.1 |   |   |   | 919.2 |   |   |   | 919.2 |   |   |   | 798.3 |   |   |   | 798.3 |   |
| Minority      interest                 |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

----

|                                         |   | 2009Acquisition |   |   | 2008Acquisition |   |   | 2007Acquisition |   |
|----------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|-----------------|--------|
| Non-current      assets                      |   |            |   |   |            |   |   |            |   |
| Property,      plant and equipment           |   |            | 17.2   |   |            |   | -      |            |   |   | 319.1 |   |
| Intangible      assets                       |   |            | 25.5   |   |            |   | -      |            |   |   | 73.6 |   |
| Investment      securities                   |   |            | 0.1    |   |            |   | -      |            |   |   | - |   |
| Deferred      tax assets                     |   |            | -      |   |            |   | -      |            |   |   | 81.7 |   |
| Trade      and other receivables             |   |            | -      |   |            |   | -      |            |   |   | 1.5 |   |
| Current      assets                          |   |            |   |   |            |   |   |            |   |   |   |   |
| Investment      securities                   |   |            | -      |   |            |   | -      |            |   |   | 16.0 |   |
| Inventories                                  |   |            | 4.0    |   |            |   | -      |            |   |   | 43.4 |   |
| Taxes      receivable                        |   |            | -      |   |            |   | -      |            |   |   | 0.1 |   |
| Trade      and other receivables             |   |            | 1.2    |   |            |   | -      |            |   |   | 10.5 |   |
| Cash      and cash equivalents               |   |            | 11.4   |   |            |   | -      |            |   |   | 10.1 |   |
| Minority      interests                      |   |            |   |   |            |   |   |            |   |   |   |   |
| Non-current      liabilities                 |   |            |   |   |            |   |   |            |   |   |   |   |
| Interest-bearing      loans and borrowings   |   |            | -      |   |            |   | -      |            |   |   | (121.3 | ) |
| Employee      benefits                       |   |            | (2.4   | )      |            |   | -      |            |   |   | - |   |
| Provisions                                   |   |            | (1.5   | )      |            |   | -      |            |   |   | (251.1 | ) |
| Deferred      tax liabilities                |   |            | -      |   |            |   | -      |            |   |   | (17.9 | ) |
| Trade      and other payables                |   |            | -      |   |            |   | -      |            |   |   | (151.9 | ) |
| Current      liabilities                     |   |            |   |   |            |   |   |            |   |   |   |   |
| Bank      overdrafts                         |   |            | -      |   |            |   | -      |            |   |   | (2.3 | ) |
| Interest-bearing      loans and borrowings   |   |            | -      |   |            |   | -      |            |   |   | (64.0 | ) |
| Income      tax payable                      |   |            | (4.5   | )      |            |   | -      |            |   |   | (2.9 | ) |
| Trade      and other payables                |   |            | (13.8  | )      |            |   | -      |            |   |   | (144.2 | ) |
| Net      identifiable assets and liabilities |   |            | 37.3   |   |            |   | -      |            |   |   | (199.5 | ) |
| Goodwill      on acquisition                 |   |            | 18.7   |   |            |   | -      |            |   |   | 624.3 |   |
| Cash      (acquired)/disposed of             |   |            | (11.4  | )      |            |   | -      |            |   |   | 7.8 |   |
| Net      cash outflow/(inflow)               |   |            | 44.5   |   |            |   | -      |            |   |   | 432.7 |   |

----

|                                                                                  |   | 2009   |   |   | 2008(1) |   |   | 2007(1) |   |
|---------------------------------------------------------------------------------------|--------|--------|--------|--------|---------|--------|--------|---------|--------|
|                                                                                  |   |   |   |   |    |   |   |    |   |
| Government      grants                                                                |   |   | 303.7  |   |    |   | 271.6  |    |   |   | 245.9 |   |
| Tax      recovery                                                                     |   |   | 127.2  |   |    |   | 25.4   |    |   |   | 32.2 |   |
| (Additions      to )/reversal of provisions                                           |   |   | 14.6   |   |    |   | (29.1  | )       |   |   | 17.9 |   |
| Net      gain on disposal of property, plant and equipment and intangible      assets |   |   | 29.8   |   |    |   | 46.6   |    |   |   | 2.3 |   |
| Net      rental income                                                                |   |   | 8.1    |   |    |   | 2.6    |    |   |   | 1.8 |   |
| Net      other operating income                                                       |   |   | 55.9   |   |    |   | 66.4   |    |   |   | 6.7 |   |
|                                                                                  |   |   | 539.3  |   |    |   | 383.5  |    |   |   | 306.8 |   |

|                                             |   | 2009   |   |   | 2008(i) |   |   | 2007(i) |   |
|--------------------------------------------------|--------|--------|--------|--------|---------|--------|--------|---------|--------|
| Restructuring                                    |   |   | (42.8  | )      |    |   | (20.6  | )       |   |   | (8.2 | ) |
| Assets      disposals                            |   |   | -      |   |    |   | -      |    |   |   | 39.3 |   |
| Labatt      brands indemnity                     |   |   | 239.4  |   |    |   | -      |    |   |   | - |   |
| Merger      and acquisition activities (M&A) |   |   | -      |   |    |   | (17.1  | )       |   |   | - |   |
| Disputes                                         |   |   | -      |   |    |   | (21.5  | )       |   |   | 41.5 |   |
| Special      items                               |   |   | 196.6  |   |    |   | (59.2  | )       |   |   | 72.5 |   |

----

|                                                   |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|--------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Wages      and salaries                                |   |   | 1,694.8 |   |   |   | 1,588.3 |   |   |   | 1,430.9 |   |
| Social      security contributions                     |   |   | 377.8   |   |   |   | 383.1   |   |   |   | 336.8 |   |
| Other      personnel cost                              |   |   | 371.9   |   |   |   | 334.9   |   |   |   | 369.1 |   |
| Increase      in liabilities for defined benefit plans |   |   | 63.2    |   |   |   | 62.8    |   |   |   | 67.3 |   |
| Share-based      payment                               |   |   | 134.7   |   |   |   | 57.8    |   |   |   | 38.7 |   |
| Contributions      to defined contribution plans       |   |   | 7.4     |   |   |   | 10.4    |   |   |   | 8.8 |   |
|                                                   |   |   | 2,649.9 |   |   |   | 2,437.3 |   |   |   | 2,251.6 |   |
| Average      number of full time employees (FTE)       |   |   | 42,573  |   |   |   | 41,138  |   |   |   | 38,331 |   |

|    |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|---------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Brazil  |   |   | 1,280.2 |   |   |   | 1,150.6 |   |   |   | 1,026.0 |   |
| HILA-ex |   |   | 187.1   |   |   |   | 140.5   |   |   |   | 154.0 |   |
| LAS     |   |   | 401.7   |   |   |   | 427.9   |   |   |   | 340.3 |   |
| Canada  |   |   | 780.9   |   |   |   | 718.2   |   |   |   | 731.3 |   |
|    |   |   | 2,649.9 |   |   |   | 2,437.2 |   |   |   | 2,251.6 |   |

|                              |   | Depreciation      and impairment of |    |   |                                   |   |
|-----------------------------------|--------|-------------------------------------|---------|--------|----------------------------------------|--------|
|                              |   | property,      plant and equipment  |    |   | Amortization      of intangible assets |   |
|                              |   | 2009                                |    |   | 2008                                   |   |   | 2007 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
| Cost      of sales                |   |                                | 760.3   |   |                                   |   | 700.2 |   |   |   | 629.9 |   |   |   | 0.2 |   |   |   | 1.7 |   |   |   | 3.8 |   |
| Sales      and marketing expenses |   |                                | 331.0   |   |                                   |   | 300.6 |   |   |   | 209.1 |   |   |   | 126.6 |   |   |   | 139.4 |   |   |   | 160.9 |   |
| Administrative      expenses      |   |                                | 118.6   |   |                                   |   | 113.1 |   |   |   | 98.1 |   |   |   | 39.8 |   |   |   | 35.3 |   |   |   | 28.1 |   |
| Special      items                |   |                                | -       |   |                                   |   | - |   |   |   | (33.9 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
|                              |   |                                | 1,209.9 |   |                                   |   | 1,113.9 |   |   |   | 903.2 |   |   |   | 166.6 |   |   |   | 176.4 |   |   |   | 192.8 |   |

----

|                                                                                           |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Interest      income                                                                           |   |   | 169.3  |   |   |   | 89.1   |   |   |   | 84.0 |   |
| Gains      on derivative instruments that are not part of a hedge accounting      relationship |   |   | 73.2   |   |   |   | 103.1  |   |   |   | 55.1 |   |
| Gains      on  non-derivative instruments at fair value through profit or      loss  |   |   | -      |   |   |   | 1.4    |   |   |   | 5.8 |   |
| Monetary      restatement  gains/losses(i)                                           |   |   | 40.0   |   |   |   | -      |   |   |   | - |   |
| Dividend      income, non-consolidated companies                                               |   |   | 0.1    |   |   |   | 0.2    |   |   |   | - |   |
| Other      financial income                                                                    |   |   | 83.8   |   |   |   | 63.0   |   |   |   | 91.4 |   |
|                                                                                           |   |   | 366.4  |   |   |   | 256.8  |   |   |   | 236.3 |   |

| Interest      Income                        |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Cash      and cash equivalents              |   |   | 136.2  |   |   |   | 66.7   |   |   |   | 50.0 |   |
| Investment      securities held for trading |   |   | 17.0   |   |   |   | 21.0   |   |   |   | 26.7 |   |
| Others      receivables                     |   |   | 16.1   |   |   |   | 1.4    |   |   |   | 7.3 |   |
|                                        |   |   | 169.3  |   |   |   | 89.1   |   |   |   | 84.0 |   |

|                                            |   | 2009   |     |   | 2008   |   |     | 2007   |   |
|-------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Interest      expenses                          |   |   | (812.5   | )      |   |   | (1,200.5 | )      |   |   | (1,062.3 | ) |
| Losses      on derivatives                      |   |   | (240.8   | )      |   |   | (78.2    | )      |   |   | (65.6 | ) |
| Interest      on contingencies                  |   |   | (19.7    | )      |   |   | (25.8    | )      |   |   | (85.5 | ) |
| Exchange      variation on dividends receivable |   |   | (86.4    | )      |   |   | -        |   |   |   | - |   |
| Tax      on financial transactions              |   |   | (48.5    | )      |   |   | (64.0    | )      |   |   | (122.8 | ) |
| Other      financial costs, including bank fees |   |   | (140.6   | )      |   |   | (79.1    | )      |   |   | (63.2 | ) |
|                                            |   |   | (1,348.5 | )      |   |   | (1,447.6 | )      |   |   | (1,399.3 | ) |

----

| Interest      expenses                                                                                 |   | 2009   |   |   | 2008   |   |     | 2007   |   |
|--------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|
| Financial      liabilities measured at amortized cost                                                  |   |   | (411.1 | )      |   |   | (530.9   | )      |   |   | (520.5 | ) |
| Fair      value hedges - Hedged items                                                                  |   |   | (385.4 | )      |   |   | (103.7   | )      |   |   | (160.1 | ) |
| Fair      value hedges – Hedging instruments                                                     |   |   | 53.6   |   |   |   | (265.0   | )      |   |   | (216.8 | ) |
| Cash      flow hedge – Hedged items                                                              |   |   | (133.9 | )      |   |   | (143.2   | )      |   |   | (161.9 | ) |
| Cash      flow hedge - (Hedging instruments – reclassified from shareholders’      equity) |   |   | 64.3   |   |   |   | 66.0     |   |   |   | 78.2 |   |
| Hedged      items not part of hedge accounting relationship – economic      hedges               |   |   | -      |   |   |   | (180.8   | )      |   |   | (20.8 | ) |
| Hedging      instruments not part of hedge accounting relationship – economic      hedges        |   |   | -      |   |   |   | (42.9    | )      |   |   | (60.4 | ) |
|                                                                                                   |   |   | (812.5 | )      |   |   | (1,200.5 | )      |   |   | (1,062.3 | ) |

|                                                                                     |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                     |   |   |   |   |   |   |   |   |   |
| Fair      value hedges – hedged items                                              |   |   | 610.3  |   |   |   | (582.4 | )      |   |   | 427.2 |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair      value hedges – hedging instruments                                       |   |   | (612.9 | )      |   |   | 582.4  |   |   |   | (427.2 | ) |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flow hedges – hedged items                                               |   |   | (188.6 | )      |   |   | 40.2   |   |   |   | (24.2 | ) |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      flow hedges – hedging instruments (reclassified from    equity)          |   |   | 189.1  |   |   |   | (43.8  | )      |   |   | 24.1 |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Hedged      items not part of hedge accounting relationship – economic      hedges |   |   | -      |   |   |   | (10.7  | )      |   |   | 76.2 |   |
|                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Hedging      instruments not part of hedge accounting relationship                       |   |   | -      |   |   |   | 9.1    |   |   |   | (76.0 | ) |
| Other                                                                                    |   |   | 2.1    |   |   |   | 5.2    |   |   |   | (0.2 | ) |

|                                                                    |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Recognized      in equity                                               |   |   | (75.5  | )      |   |   | 12.5   |   |   |   | 187.5 |   |
| Removed      from equity and included in profit or loss                 |   |   | (232.4 | )      |   |   | 190.7  |   |   |   | (157.3 | ) |
| Removed      from equity and included in the initial cost ofinventories |   |   | -      |   |   |   | 4.1    |   |   |   | (22.6 | ) |
| Deferred      income tax variance in equity and other movements(i)      |   |   | 188.1  |   |   |   | (140.0 | )      |   |   | (1.0 | ) |
|                                                                    |   |   | (119.8 | )      |   |   | 67.3   |   |   |   | 6.6 |   |

----

|                                                   |   | 2009   |     |   | 2008   |   |     | 2007   |   |
|--------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Income      tax expense                                |   |   |     |   |   |   |     |   |   |
| Current                                                |   |   | (1,304.0 | )      |   |   | (1,374.1 | )      |   |   | (900.2 | ) |
|                                                   |   |   | (1,304.0 | )      |   |   | (1,374.1 | )      |   |   | (900.2 | ) |
| Deferred      tax (expense)/income                     |   |   |     |   |   |   |     |   |   |   |   |   |
| Origination      and reversal of temporary differences |   |   | (510.9   | )      |   |   | (6.8     | )      |   |   | (468.1 | ) |
| Utilization      of tax losses carryforwards           |   |   | (393.2   | )      |   |   | (66.2    | )      |   |   | (141.7 | ) |
|                                                   |   |   | (904.1   | )      |   |   | (73.0    | )      |   |   | (609.8 | ) |
|                                                   |   |   |     |   |   |   |     |   |   |   |   |   |
| Total      income tax expense in the income statement  |   |   | (2,208.1 | )      |   |   | (1,447.2 | )      |   |   | (1,510.1 | ) |

|                                                               |   | 2009   |     |   | 2008   |   |     | 2007   |   |
|--------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Profit      before tax                                             |   |   | 8,196.5  |   |   |   | 6,638.0  |   |   |   | 6,578.9 |   |
| Adjustment      on taxable basis                                   |   |   |     |   |   |   |     |   |   |   |   |   |
| Non-taxable      net financial income and other non-taxable income |   |   | (650.9   | )      |   |   | (355.8   | )      |   |   | (217.1 | ) |
| Non-taxable      intercompany dividends                            |   |   | -        |   |   |   | (0.2     | )      |   |   | - |   |
| Government      grants  related to sales taxes           |   |   | (263.4   | )      |   |   | (238.3   | )      |   |   | (244.0 | ) |
| Results      on commodities hedges                                 |   |   | 348.0    |   |   |   | (34.3    | )      |   |   | - |   |
| Expenses      non-deductible for tax purposes                      |   |   | 177.5    |   |   |   | 177.6    |   |   |   | 115.7 |   |
|                                                               |   |   | 7,807.7  |   |   |   | 6,186.9  |   |   |   | 6,233.5 |   |
| Aggregated      weighted nominal tax rate                          |   |   | 32.54    | %      |   |   | 32.69    | %      |   |   | 33.17 | % |
| Taxes      – nominal rate                                    |   |   | (2,540.6 | )      |   |   | (2,022.5 | )      |   |   | (2,067.7 | ) |
| Adjustment      on tax expenses                                    |   |   |     |   |   |   |     |   |   |   |   |   |
| Government      grant on income tax                                |   |   | 198.5    |   |   |   | 134.7    |   |   |   | 137.8 |   |
| Deductible      interest attributed to shareholders                |   |   | 346.8    |   |   |   | 337.4    |   |   |   | 368.6 |   |
| Tax      saving from goodwill amortization on tax books            |   |   | 142.8    |   |   |   | 174.0    |   |   |   | 168.7 |   |
| Changes      in tax rate                                           |   |   | -        |   |   |   | 6.1      |   |   |   | (6.7 | ) |
| Dividends      withholding tax                                     |   |   | (130.8   | )      |   |   | (71.5    | )(1)   |   |   | (55.0 | )(2) |
| Losses      recognized in operations abroad, non-deductible        |   |   | (47.5    | )      |   |   | (40.7    | )(1)   |   |   | (44.2 | )(2) |
| Other      tax adjustments                                         |   |   | (177.3   | )      |   |   | 35.3     |   |   |   | (11.6 | ) |
| Income      tax and social contribution expense                    |   |   | (2,208.1 | )      |   |   | (1,447.2 | )      |   |   | (1,510.1 | ) |
| Effective      tax rate                                            |   |   | 26.94    | %      |   |   | 21.80    | %      |   |   | 22.95 | % |

----

|                                                    |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Income      tax and social contribution (losses)/gains  |   |   |   |   |   |   |   |   |   |   |   |   |
| Actuarial      gains and losses                              |   |   | 34.4   |   |   |   | 2.3    |   |   |   | (5.7 | ) |
| Cash      flow Hedges                                        |   |   | 188.1  |   |   |   | (140.0 | )      |   |   | (1.1 | ) |

----

|                                           |   | 2009                   |     |   | 2008                    |   |     |
|------------------------------------------------|--------|------------------------|----------|--------|-------------------------|--------|----------|
|                                           |   | Land      andbuildings |     |   | Plant      andequipment |   |     | Fixturesand fittings |   |   | Underconstruction |   |   | Total |   |   | Total |   |   |
| Acquisition      cost                          |   |                   |     |   |                    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at end of previous year           |   |                   | 3,280.2  |   |                    |   | 9,982.1  |   |   |   | 1,984.8 |   |   |   | 796.0 |   |   |   | 16,043.1 |   |   |   | 13,770.6 |   |   |
| Effect      of movements in foreign exchange   |   |                   | (355.3   | )      |                    |   | (1,104.2 | ) |   |   | (141.5 | ) |   |   | (86.8 | ) |   |   | (1,687.7 | ) |   |   | 1,055.5 |   |   |
| Acquisition      through business combinations |   |                   | 7.2      |   |                    |   | 8.3      |   |   |   | 1.6 |   |   |   | - |   |   |   | 17.0 |   |   |   | - |   |   |
| Acquisitions                                   |   |                   | 6.1      |   |                    |   | 209.7    |   |   |   | 51.5 |   |   |   | 1,039.8 |   |   |   | 1,307.1 |   |   |   | 1,783.1 |   |   |
| Disposals                                      |   |                   | (35.0    | )      |                    |   | (100.4   | ) |   |   | (109.0 | ) |   |   | (0.7 | ) |   |   | (245.2 | ) |   |   | (367.5 | ) |   |
|                                           |   |                   |     |   |                    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfer      to other asset categories        |   |                   | 130.9    |   |                    |   | 597.9    |   |   |   | 199.2 |   |   |   | (1,145.0 | ) |   |   | (217.0 | ) |   |   | (232.8 | ) |   |
| Other (i)                                      |   |                   | 118.1    |   |                    |   | 488.0    |   |   |   | 34.1 |   |   |   | 8.8 |   |   |   | 649.0 |   |   |   | 34.2 |   |   |
| Balance      at end of year                    |   |                   | 3,152.2  |   |                    |   | 10,081.4 |   |   |   | 2,020.7 |   |   |   | 612.1 |   |   |   | 15,866.3 |   |   |   | 16,043.1 |   |   |
| Depreciation      and Impairment               |   |                   |     |   |                    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at end of previous year           |   |                   | (1,283.5 | )      |                    |   | (6,188.3 | ) |   |   | (1,266.6 | ) |   |   | - |   |   |   | (8,738.5 | ) |   |   | (7,723.0 | ) |   |
| Effect      of movements in foreign exchange   |   |                   | 93.6     |   |                    |   | 590.4    |   |   |   | 83.8 |   |   |   | - |   |   |   | 767.8 |   |   |   | (433.6 | ) |   |
| Depreciation                                   |   |                   | (111.1   | )      |                    |   | (775.1   | ) |   |   | (222.8 | ) |   |   | - |   |   |   | (1,109.0 | ) |   |   | (1,015.0 | ) |   |
|                                           |   |                   |     |   |                    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition      through business combinations |   |                   | -        |   |                    |   | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |
| Impairment      losses(ii)                     |   |                   | -        |   |                    |   | (100.9   | ) |   |   | - |   |   |   | - |   |   |   | (100.9 | ) |   |   | (99.2 | ) |   |
| Disposals                                      |   |                   | 4.1      |   |                    |   | 79.9     |   |   |   | 100.2 |   |   |   | - |   |   |   | 184.2 |   |   |   | 324.8 |   |   |
|                                           |   |                   |     |   |                    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfer      to other asset categories        |   |                   | (0.3     | )      |                    |   | 198.0    |   |   |   | 3.0 |   |   |   | - |   |   |   | 200.7 |   |   |   | 207.5 |   |   |
| Other (i)                                      |   |                   | (83.4    | )      |                    |   | (401.2   | ) |   |   | 9.0 |   |   |   | - |   |   |   | (475.6 | ) |   |   | - |   |   |
| Balance      at end of year                    |   |                   | (1,380.6 | )      |                    |   | (6,597.2 | ) |   |   | (1,293.4 | ) |   |   | - |   |   |   | (9,271.3 | ) |   |   | (8,738.5 | ) |   |
| Carrying      amount:                          |   |                   |     |   |                    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2007                         |   |                   | 1,783.7  |   |                    |   | 3,239.2  |   |   |   | 606.5 |   |   |   | - |   |   |   | 418.1 |   |   |   | 6,047.5 |   |   |
| December      31, 2008                         |   |                   | 1,996.7  |   |                    |   | 3,793.8  |   |   |   | 718.2 |   |   |   | 796.0 |   |   |   | 7,304.6 |   |   |   | 7,304.6 |   |   |
| December      31, 2009                         |   |                   | 1,771.6  |   |                    |   | 3,484.2  |   |   |   | 727.3 |   |   |   | 612.1 |   |   |   | 6,595.1 |   |   |   | - |   |   |

----

----

|                                                                      |   | 2009   |     |   | 2008   |   |
|---------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Balance      at end of previous year                                      |   |   | 17,912.4 |   |   |   | 17,180.6 |   |
| Effect      of movements in foreign exchange                              |   |   | (535.8   | )      |   |   | 327.9 |   |
| Acquisitions      through business combinations and of minority interests |   |   | 150.9    |   |   |   | 403.9 |   |
| Balance      at end of year                                               |   |   | 17,527.5 |   |   |   | 17,912.4 |   |

|                    |   | 2009   |     |   | 2008   |   |
|-------------------------|--------|--------|----------|--------|--------|--------|
| LAN:                    |   |   |     |   |   |   |
| Brazil                  |   |   | 542.0    |   |   |   | 542.0 |   |
| Ecuador                 |   |   | 0.8      |   |   |   | 0.8 |   |
| Dominican      Republic |   |   | 253.7    |   |   |   | 163.5 |   |
| Peru                    |   |   | 33.7     |   |   |   | - |   |
|                    |   |   |     |   |   |   |   |   |
| LAS:                    |   |   |     |   |   |   |   |   |
| Argentina               |   |   | 1,289.7  |   |   |   | 1,585.7 |   |
| Bolivia                 |   |   | 338.7    |   |   |   | 433.0 |   |
| Paraguay                |   |   | 270.1    |   |   |   | 339.2 |   |
| Uruguay                 |   |   | 81.0     |   |   |   | 86.8 |   |
|                    |   |   |     |   |   |   |   |   |
| Canada                  |   |   | 14,717.8 |   |   |   | 14,761.4 |   |
|                    |   |   | 17,527.5 |   |   |   | 17,912.4 |   |

----

----

|                                          |   | 2009   |    |   | 2008                  |   |
|-----------------------------------------------|--------|--------|---------|--------|-----------------------|--------|
|                                     |   | Brands |    |   | Distributioncontracts |   |   | Software |   |   | Others |   |   | Total |   |   | Total |   |
| Acquisition      cost                    |   |   |    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at end of previous year          |   |   | 1,922.0 |   |                  |   | 1,165.8 |   |   |   | 357.4 |   |   |   | 220.0 |   |   |   | 3,665.2 |   |   |   | 3,025.8 |   |
| Effect      of movements in foreign exchange  |   |   | (507.5  | )      |                  |   | - |   |   |   | (21.3 | ) |   |   | (74.0 | ) |   |   | (602.9 | ) |   |   | 431.0 |   |
| Acquisitions      and expenditures            |   |   | 48.5    |   |                  |   | 73.6 |   |   |   | 10.4 |   |   |   | 0.1 |   |   |   | 132.6 |   |   |   | 175.3 |   |
| Acquisition      through business combination |   |   | 2.3     |   |                  |   | - |   |   |   | - |   |   |   | 23.2 |   |   |   | 25.5 |   |   |   | - |   |
| Disposal                                      |   |   | -       |   |                  |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1.2 | ) |
| Transfers      to other assets categories     |   |   | -       |   |                  |   | (0.3 | ) |   |   | 7.9 |   |   |   | - |   |   |   | 7.6 |   |   |   | 31.8 |   |
| Other      movements                          |   |   | -       |   |                  |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2.5 |   |
| Balance      at end of year                   |   |   | 1,465.3 |   |                  |   | 1,239.1 |   |   |   | 354.4 |   |   |   | 169.3 |   |   |   | 3,228.1 |   |   |   | 3,665.2 |   |
|                                          |   |   |    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization      and Impairment losses       |   |   |    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at end of previous year          |   |   | -       |   |                  |   | (878.8 | ) |   |   | (230.4 | ) |   |   | (63.2 | ) |   |   | (1,172.4 | ) |   |   | (983.2 | ) |
| Foreign      exchange variation effect        |   |   | -       |   |                  |   | - |   |   |   | 11.3 |   |   |   | 23.6 |   |   |   | 34.8 |   |   |   | (15.6 | ) |
| Amortization                                  |   |   | -       |   |                  |   | (98.1 | ) |   |   | (47.6 | ) |   |   | (21.0 | ) |   |   | (166.6 | ) |   |   | (176.4 | ) |
| Disposal                                      |   |   | -       |   |                  |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.5 |   |
| Transfers      to other assets categories     |   |   | -       |   |                  |   | 0.3 |   |   |   | 8.4 |   |   |   | - |   |   |   | 8.7 |   |   |   | 2.6 |   |
| Other      movements                          |   |   | -       |   |                  |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (0.3 | ) |
| Balance      at end of year                   |   |   | -       |   |                  |   | (976.6 | ) |   |   | (258.3 | ) |   |   | (60.6 | ) |   |   | (1,295.5 | ) |   |   | (1,172.4 | ) |
| Carrying      amount:                         |   |   |    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2007                        |   |   | 1,513.1 |   |                  |   | 255.2 |   |   |   | 123.5 |   |   |   | 150.8 |   |   |   | 2,042.6 |   |   |   | 2,042.6 |   |
| December      31, 2008                        |   |   | 1,922.0 |   |                  |   | 287.0 |   |   |   | 127.0 |   |   |   | 156.8 |   |   |   | 2,492.8 |   |   |   | 2,492.8 |   |
| December      31, 2009                        |   |   | 1,465.3 |   |                  |   | 262.5 |   |   |   | 96.1 |   |   |   | 108.7 |   |   |   | 1,932.6 |   |   |   | - |   |

|      |   | 2009   |    |   | 2008   |   |
|-----------|--------|--------|---------|--------|--------|--------|
| Argentina |   |   | 684.4   |   |   |   | 949.1 |   |
| Bolivia   |   |   | 293.9   |   |   |   | 391.7 |   |
| Canada    |   |   | 66.8    |   |   |   | 77.1 |   |
| Chile     |   |   | 43.4    |   |   |   | 46.9 |   |
| Paraguay  |   |   | 288.2   |   |   |   | 361.3 |   |
| Uruguay   |   |   | 88.6    |   |   |   | 95.9 |   |
|      |   |   | 1,465.3 |   |   |   | 1,922.0 |   |

----

|                                                                      |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Non-current      investments                                              |   |   |   |   |   |   |
| Debt      securities held-to-maturity                                     |   |   | 219.8  |   |   |   | 317.4 |   |
| Other      investments                                                    |   |   | 27.1   |   |   |   | - |   |
|                                                                      |   |   | 246.9  |   |   |   | 317.4 |   |
| Current      investments                                                  |   |   |   |   |   |   |   |   |
| Financial      asset at fair value through profit or loss-held fortrading |   |   | 52.3   |   |   |   | 0.1 |   |
| Debt      securities held-to-maturity                                     |   |   | 21.0   |   |   |   | - |   |
|                                                                      |   |   | 73.3   |   |   |   | 0.1 |   |

|                                           |   | 2009   |    |
|------------------------------------------------|--------|--------|---------|
|                                           |   | Assets |    |   | Liabilities |   |   | Net |   |
| Property,      plant and equipment             |   |   | 3.6     |   |   |   | (209.9 | ) |   |   | (206.4 | ) |
| Intangible      assets                         |   |   | 22.1    |   |   |   | (399.7 | ) |   |   | (377.6 | ) |
| Goodwill                                       |   |   | 155.1   |   |   |   | - |   |   |   | 155.1 |   |
| Inventories                                    |   |   | 10.2    |   |   |   | (2.2 | ) |   |   | 8.0 |   |
| Trade      and other receivables               |   |   | 23.2    |   |   |   | - |   |   |   | 23.2 |   |
| Interest-bearing      loans and borrowings     |   |   | 1.8     |   |   |   | (97.5 | ) |   |   | (95.7 | ) |
| Employee      benefits                         |   |   | 332.6   |   |   |   | (39.8 | ) |   |   | 292.8 |   |
| Provisions                                     |   |   | 426.3   |   |   |   | (4.2 | ) |   |   | 422.1 |   |
| Derivatives                                    |   |   | 174.9   |   |   |   | - |   |   |   | 174.9 |   |
| Other      items                               |   |   | 59.7    |   |   |   | (116.6 | ) |   |   | (56.9 | ) |
| Loss      carryforwards                        |   |   | 526.9   |   |   |   | - |   |   |   | 526.9 |   |
| Gross      deferred tax assets / (liabilities) |   |   | 1,736.2 |   |   |   | (869.8 | ) |   |   | 866.3 |   |
| Netting      by taxable entity                 |   |   | (367.6  | ) |   |   | 367.6 |   |   |   | - |   |
| Net      deferred tax assets / (liabilities)   |   |   | 1,368.5 |   |   |   | (502.2 | ) |   |   | 866.3 |   |

|                                           |   | 2008   |    |
|------------------------------------------------|--------|--------|---------|
|                                           |   | Assets |    |   | Liabilities |   |   | Net |   |
| Property,      plant and equipment             |   |   | 13.6    |   |   |   | (245.9 | ) |   |   | (232.3 | ) |
| Intangible      assets                         |   |   | 38.4    |   |   |   | (560.9 | ) |   |   | (522.5 | ) |
| Goodwill                                       |   |   | 198.4   |   |   |   | - |   |   |   | 198.4 |   |
| Inventories                                    |   |   | 13.6    |   |   |   | (17.8 | ) |   |   | (4.2 | ) |
| Other      investments                         |   |   | 0.3     |   |   |   | (9.5 | ) |   |   | (9.2 | ) |
| Trade      and other receivables               |   |   | 27.6    |   |   |   | - |   |   |   | 27.6 |   |
| Interest-bearing      loans and borrowings     |   |   | 98.0    |   |   |   | (270.1 | ) |   |   | (172.1 | ) |
| Employee      benefits                         |   |   | 401.8   |   |   |   | (4.5 | ) |   |   | 397.3 |   |
| Provisions                                     |   |   | 421.7   |   |   |   | - |   |   |   | 421.7 |   |
| Derivatives                                    |   |   | 20.6    |   |   |   | (68.5 | ) |   |   | (47.9 | ) |
| Other      items                               |   |   | 89.8    |   |   |   | (113.7 | ) |   |   | (23.9 | ) |
| Loss      carryforwards                        |   |   | 963.7   |   |   |   | - |   |   |   | 963.7 |   |
| Gross      deferred tax assets / (liabilities) |   |   | 2,287.5 |   |   |   | (1,290.9 | ) |   |   | 996.6 |   |
| Netting      by taxable entity                 |   |   | (469.7  | ) |   |   | 469.7 |   |   |   | - |   |
| Net      deferred tax assets / (liabilities)   |   |   | 1,817.8 |   |   |   | (821.2 | ) |   |   | 996.6 |   |

----

|                              |   | 2009   |    |   | 2008   |   |
|-----------------------------------|--------|--------|---------|--------|--------|--------|
| Prepayments                       |   |   | 102.6   |   |   |   | 195.4 |   |
| Raw      material and consumables |   |   | 918.6   |   |   |   | 1,275.9 |   |
| Work      in progress             |   |   | 106.2   |   |   |   | 113.4 |   |
| Finished      goods               |   |   | 339.2   |   |   |   | 403.7 |   |
| Goods      purchased for resale   |   |   | 21.5    |   |   |   | 29.7 |   |
|                              |   |   | 1,488.1 |   |   |   | 2,018.1 |   |

----

|                              |   | 2009   |    |   | 2008(1) |   |
|-----------------------------------|--------|--------|---------|--------|---------|--------|
| Trade      receivables            |   |   | 18.2    |   |    |   | 17.4 |   |
| Cash      deposits for guarantees |   |   | 497.8   |   |    |   | 547.6 |   |
| Tax      credits                  |   |   | 1,282.8 |   |    |   | 1,633.8 |   |
| Taxes      receivable             |   |   | 225.7   |   |    |   | 340.4 |   |
| Other      receivables            |   |   | 64.8    |   |    |   | 85.0 |   |
|                              |   |   | 2,089.3 |   |    |   | 2,624.2 |   |

|                                                           |   | 2009   |    |   | 2008   |   |
|----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Trade      receivables                                         |   |   | 1,771.3 |   |   |   | 1,832.6 |   |
| Interest      receivable                                       |   |   | 52.5    |   |   |   | 40.1 |   |
| Taxes      receivable                                          |   |   | 317.3   |   |   |   | 316.7 |   |
| Derivative      financial instruments with positive fair value |   |   | 975.6   |   |   |   | 819.4 |   |
| Prepaid      expenses                                          |   |   | 365.9   |   |   |   | 322.0 |   |
| Other      receivables                                         |   |   | 169.9   |   |   |   | 97.9 |   |
|                                                           |   |   | 3,652.5 |   |   |   | 3,428.7 |   |

|                     |   | Netcarryingamount      asofDecember31,      2009 |    |   | No      pastdue |   |    | Past      due –between      30-      60 days |   |   | Past      due –between      60 -90      days |   |   | Past      due –between      90–      180 days |   |   | Past      due –between      180-      360 days |   |   | Past      due –more      than360      days |   |
|--------------------------|--------|--------------------------------------------------|---------|--------|-----------------|--------|---------|----------------------------------------------------|--------|--------|----------------------------------------------------|--------|--------|-----------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|--------------------------------------------------|--------|
| Trade      receivables   |   |                                             | 1,771.3 |   |            |   | 1,745.3 |                                               |   |   | 12.1                                               |   |   |                                                      | 3.8    |   |                                                 |   | 6.1    |                                             |   |   | 3.2 |   |   |   | 0.8 |   |
| Interest      receivable |   |                                             | 52.5    |   |            |   | 52.5    |                                               |   |   | -                                                  |   |   |                                                      | -      |   |                                                 |   | -      |                                             |   |   | - |   |   |   | - |   |
| Other      receivables   |   |                                             | 169.9   |   |            |   | 169.9   |                                               |   |   | -                                                  |   |   |                                                      | -      |   |                                                 |   | -      |                                             |   |   | - |   |   |   |   |   |
|                     |   |                                             | 1,993.7 |   |            |   | 1,967.7 |                                               |   |   | 12.1                                               |   |   |                                                      | 3.8    |   |                                                 |   | 6.1    |                                             |   |   | 3.2 |   |   |   | 0.8 |   |

----

|                           |   | 2009   |    |   | 2008   |   |
|--------------------------------|--------|--------|---------|--------|--------|--------|
| Short      term bank deposits  |   |   | 3,469.2 |   |   |   | 2,725.6 |   |
| Current      bank accounts     |   |   | 567.4   |   |   |   | 559.8 |   |
| Cash                           |   |   | 6.3     |   |   |   | 13.5 |   |
| Cash      and cash equivalents |   |   | 4,042.9 |   |   |   | 3,298.9 |   |
| Bank      overdrafts           |   |   | (18.6   | )      |   |   | (18.8 | ) |

|                      |   | 2009   |   |   | 2008   |   |
|---------------------------|--------|--------|--------|--------|--------|--------|
| Assets      held for sale |   |   | 60.2   |   |   |   | 67.9 |   |
|                      |   |   | 60.2   |   |   |   | 67.9 |   |

| Outstanding      shares                                |   |      |    |   |   |   |    | 2009   |   |   | 2008    |   |
|--------------------------------------------------------|--------|-----------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| (in      thousand of shares)                           |   | Preferred |    |   | Common |   |    | Total  |   |   | Total   |   |
| At      the end of the previous year                   |   |      | 269,428 |   |   |   | 345,508 |   |   |   | 614,936 |   |   |   | 624,417 |   |
| Changes      during the year                           |   |      | 965     |   |   |   | 1,087   |   |   |   | 2,052   |   |   |   | (9,481 | ) |
| Reverse      stock split                               |   |      |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
|                                                   |   |      | 270,393 |   |   |   | 346,595 |   |   |   | 616,988 |   |   |   | 614,936 |   |
|                                                   |   |      |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Treasury  shares(in      thousand of shares) |   | Preferred |    |   | Common |   |    | Total  |   |   | Total   |   |
| At      the end of the previous year                   |   |      | 827     |   |   |   | 105     |   |   |   | 932     |   |   |   | 8,859 |   |
| Changes      during the year                           |   |      | (396    | )      |   |   | 16      |   |   |   | (380    | )      |   |   | (7,927 | ) |
|                                                   |   |      | 431     |   |   |   | 121     |   |   |   | 552     |   |   |   | 932 |   |

----

----

| Changes      in treasury shares in millions of Brazilian Reais, for theperiods      ended |   | 2009   |   |   | 2008   |   |     | 2007   |   |
|-------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|----------|--------|--------|
| At      the beginning of the period                                                       |   |   | (109.3 | )      |   |   | (1,158.9 | )      |   |   | (940.8 | ) |
| Shares      reacquired in accordance with the Stock Option Plan                           |   |   | (15.4  | )      |   |   | (346.9   | )      |   |   | (117.3 | ) |
| Reacquired      shares – market                                                     |   |   | -      |   |   |   | (283.3   | )      |   |   | (2,955.9 | ) |
| Transfer      of shares – Finor                                                     |   |   | (9.9   | )      |   |   | -        |   |   |   | - |   |
| Cancellation      of shares                                                               |   |   | 0.1    |   |   |   | 1,638.2  |   |   |   | 2,760.5 |   |
| Share-based      payments                                                                 |   |   | 86.8   |   |   |   | 41.6     |   |   |   | 94.6 |   |
| At      the end of the period                                                             |   |   | (47.7  | )      |   |   | (109.3   | )      |   |   | (1,158.9 | ) |

----

|                                                    |   | 2009   |    |
|---------------------------------------------------------|--------|--------|---------|
| Thousand      shares                                    |   | Common |    |   | Preferred |   |   | Total |   |
| Issued      shares at 1 January, net of treasury shares |   |   | 345,405 |   |   |   | 268,609 |   |   |   | 614,014 |   |
| Effect      of shares issued / repurchased              |   |   | 751     |   |   |   | 731 |   |   |   | 1,482 |   |
| Weighted      average number of shares at 31 December   |   |   | 346,156 |   |   |   | 269,340 |   |   |   | 615,496 |   |

|                                                    |   | 2008   |    |
|---------------------------------------------------------|--------|--------|---------|
| Thousand      shares                                    |   | Common |    |   | Preferred |   |   | Total |   |
| Issued      shares at 1 January, net of treasury shares |   |   | 343,678 |   |   |   | 270,312 |   |   |   | 613,990 |   |
| Effect      of shares issued / repurchased              |   |   | 1,168   |   |   |   | (1,382 | ) |   |   | (214 | ) |
| Weighted      average number of shares at 31 December   |   |   | 344,846 |   |   |   | 268,930 |   |   |   | 613,776 |   |

|                                                    |   | 2007   |    |
|---------------------------------------------------------|--------|--------|---------|
| Thousand      shares                                    |   | Common |    |   | Preferred |   |   | Total |   |
| Issued      shares at 1 January, net of treasury shares |   |   | 344,490 |   |   |   | 289,231 |   |   |   | 633,721 |   |
| Effect      of shares issued / repurchased              |   |   | (45     | ) |   |   | (9,816 | ) |   |   | (9,861 | ) |
| Weighted      average number of shares at 31 December   |   |   | 344,445 |   |   |   | 279,415 |   |   |   | 623,860 |   |

|                                                            |   | 2009   |    |
|-----------------------------------------------------------------|--------|--------|---------|
| Thousand      shares                                            |   | Common |    |   | Preferred |   |   | Total |   |
| Weighted      average number of shares at 31 December           |   |   | 346,156 |   |   |   | 269,340 |   |   |   | 615,496 |   |
| Effect      of share options                                    |   |   | 55      |   |   |   | 861 |   |   |   | 916 |   |
| Weighted      average number of shares (diluted) at 31 December |   |   | 346,211 |   |   |   | 270,201 |   |   |   | 616,412 |   |

|                                                            |   | 2008   |    |
|-----------------------------------------------------------------|--------|--------|---------|
| Thousand      shares                                            |   | Common |    |   | Preferred |   |   | Total |   |
| Weighted      average number of shares at 31 December           |   |   | 344,846 |   |   |   | 268,930 |   |   |   | 613,776 |   |
| Effect      of share options                                    |   |   | 60      |   |   |   | 444 |   |   |   | 504 |   |
| Weighted      average number of shares (diluted) at 31 December |   |   | 344,906 |   |   |   | 269,374 |   |   |   | 614,280 |   |

|                                                            |   | 2007   |    |
|-----------------------------------------------------------------|--------|--------|---------|
| Thousand      shares                                            |   | Common |    |   | Preferred |   |   | Total |   |
| Weighted      average number of shares at 31 December           |   |   | 344,445 |   |   |   | 279,415 |   |   |   | 623,860 |   |
| Effect      of share options                                    |   |   | 131     |   |   |   | 806 |   |   |   | 937 |   |
| Weighted      average number of shares (diluted) at 31 December |   |   | 344,576 |   |   |   | 280,221 |   |   |   | 624,797 |   |

----

|                                                                                   |   | 2009   |    |
|----------------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                                         |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                                    |   |   | 3,225.4 |   |   |   | 2,760.6 |   |   |   | 5,986.1 |   |
| Special      items, after taxes, attributable to equity holders ofAmBev                |   |   | 104.8   |   |   |   | 89.7 |   |   |   | 194.5 |   |
| Income      before special items (basic), attributable to equity holders of      AmBev |   |   | 3,120.6 |   |   |   | 2,670.9 |   |   |   | 5,791.6 |   |

|                                                                                   |   | 2008   |    |
|----------------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                                         |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                                    |   |   | 2,755.4 |   |   |   | 2,363.7 |   |   |   | 5,119.1 |   |
| Special      items, after taxes, attributable to equity holders ofAmBev                |   |   | (31.4   | ) |   |   | (27.0 | ) |   |   | (58.4 | ) |
| Income      before special items (basic), attributable to equity holders of      AmBev |   |   | 2,786.8 |   |   |   | 2,390.7 |   |   |   | 5,177.5 |   |

|                                                                                   |   | 2007   |    |
|----------------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                                         |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                                    |   |   | 2,644.1 |   |   |   | 2,359.4 |   |   |   | 5,003.4 |   |
| Special      items, after taxes, attributable to equity holders ofAmBev                |   |   | 37.9    |   |   |   | 33.8 |   |   |   | 71.6 |   |
| Income      before special items (basic), attributable to equity holders of      AmBev |   |   | 2,606.2 |   |   |   | 2,325.6 |   |   |   | 4,931.8 |   |

|                                                                                     |   | 2009   |    |
|------------------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                                           |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                                      |   |   | 3,220.9 |   |   |   | 2,765.1 |   |   |   | 5,986.1 |   |
| Special      items, after taxes, attributable to equity holders ofAmBev                  |   |   | 104.6   |   |   |   | 89.8 |   |   |   | 194.5 |   |
| Income      before special items (diluted), attributable to equity holders of      AmBev |   |   | 3,116.3 |   |   |   | 2,675.3 |   |   |   | 5,791.6 |   |

|                                                                                     |   | 2008   |    |
|------------------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                                           |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                                      |   |   | 2,753.5 |   |   |   | 2,365.6 |   |   |   | 5,119.1 |   |
| Special      items, after taxes, attributable to equity holders ofAmBev                  |   |   | (31.4   | ) |   |   | (27.0 | ) |   |   | (58.4 | ) |
| Income      before special items (diluted), attributable to equity holders of      AmBev |   |   | 2,784.9 |   |   |   | 2,392.6 |   |   |   | 5,177.5 |   |

|                                                                                     |   | 2007   |    |
|------------------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                                           |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                                      |   |   | 2,641.0 |   |   |   | 2,362.5 |   |   |   | 5,003.4 |   |
| Special      items, after taxes, attributable to equity holders ofAmBev                  |   |   | 37.8    |   |   |   | 33.8 |   |   |   | 71.6 |   |
| Income      before special items (diluted), attributable to equity holders of      AmBev |   |   | 2,603.2 |   |   |   | 2,328.7 |   |   |   | 4,931.8 |   |

----

|                                                                         |   | 2009   |    |
|------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                               |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                          |   |   | 3,225.4 |   |   |   | 2,760.6 |   |   |   | 5,986.1 |   |
| Weighted      average number of shares                                       |   |   | 346,156 |   |   |   | 269,340 |   |   |   | 615,496 |   |
| Basic      EPS                                                               |   |   | 9.32    |   |   |   | 10.25 |   |   |   |   |   |
| Income      before special items, attributable to equity holders of    AmBev |   |   | 3,120.6 |   |   |   | 2,670.9 |   |   |   | 5,791.6 |   |
| Weighted      average number of shares                                       |   |   | 346,156 |   |   |   | 269,340 |   |   |   | 615,496 |   |
| EPS      before special items                                                |   |   | 9.02    |   |   |   | 9.92 |   |   |   |   |   |
| Income      attributable to equity holders of AmBev                          |   |   | 3,220.9 |   |   |   | 2,765.1 |   |   |   | 5,986.1 |   |
| Weighted      average number of shares (diluted)                             |   |   | 346,211 |   |   |   | 270,201 |   |   |   | 616,412 |   |
| Diluted      EPS                                                             |   |   | 9.30    |   |   |   | 10.23 |   |   |   |   |   |
| Income      before special items, attributable to equity holders of    AmBev |   |   | 3,116.3 |   |   |   | 2,675.3 |   |   |   | 5,791.6 |   |
| Weighted      average number of shares (diluted)                             |   |   | 346,211 |   |   |   | 270,201 |   |   |   | 616,412 |   |
| Diluted      EPS before special items                                        |   |   | 9.00    |   |   |   | 9.90 |   |   |   |   |   |

|                                                                         |   | 2008   |    |
|------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                               |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                          |   |   | 2,755.4 |   |   |   | 2,363.7 |   |   |   | 5,119.1 |   |
| Weighted      average number of shares                                       |   |   | 344,846 |   |   |   | 268,930 |   |   |   | 613,776 |   |
| Basic      EPS                                                               |   |   | 7.99    |   |   |   | 8.79 |   |   |   |   |   |
| Income      before special items, attributable to equity holders of    AmBev |   |   | 2,786.8 |   |   |   | 2,390.7 |   |   |   | 5,177.5 |   |
| Weighted      average number of shares                                       |   |   | 344,846 |   |   |   | 268,930 |   |   |   | 613,776 |   |
| EPS      before special items                                                |   |   | 8.08    |   |   |   | 8.89 |   |   |   |   |   |
| Income      attributable to equity holders of AmBev                          |   |   | 2,753.5 |   |   |   | 2,365.6 |   |   |   | 5,119.1 |   |
| Weighted      average number of ordinary shares (diluted)                    |   |   | 344,906 |   |   |   | 269,374 |   |   |   | 614,280 |   |
| Diluted      EPS                                                             |   |   | 7.98    |   |   |   | 8.78 |   |   |   |   |   |
| Income      before special items, attributable to equity holders of    AmBev |   |   | 2,784.9 |   |   |   | 2,392.6 |   |   |   | 5,177.5 |   |
| Weighted      average number of ordinary shares (diluted)                    |   |   | 344,906 |   |   |   | 269,374 |   |   |   | 614,280 |   |
| Diluted      EPS before special items                                        |   |   | 8.07    |   |   |   | 8.88 |   |   |   |   |   |

|                                                                         |   | 2007   |    |
|------------------------------------------------------------------------------|--------|--------|---------|
| In      millions of  Brazilian reais                               |   | Common |    |   | Preferred |   |   | Total |   |
| Income      attributable to equity holders of AmBev                          |   |   | 2,644.1 |   |   |   | 2,359.4 |   |   |   | 5,003.4 |   |
| Weighted      average number of shares                                       |   |   | 344,445 |   |   |   | 279,415 |   |   |   | 623,860 |   |
| Basic      EPS                                                               |   |   | 7.68    |   |   |   | 8.44 |   |   |   |   |   |
| Income      before special items, attributable to equity holders of    AmBev |   |   | 2,606.2 |   |   |   | 2,325.6 |   |   |   | 4,931.8 |   |
| Weighted      average number of shares                                       |   |   | 344,445 |   |   |   | 279,415 |   |   |   | 623,860 |   |
| EPS      before special items                                                |   |   | 7.57    |   |   |   | 8.32 |   |   |   |   |   |
| Income      attributable to equity holders of AmBev                          |   |   | 2,641.0 |   |   |   | 2,362.5 |   |   |   | 5,003.4 |   |
| Weighted      average number of ordinary shares (diluted)                    |   |   | 344,576 |   |   |   | 280,222 |   |   |   | 624,798 |   |
| Diluted      EPS                                                             |   |   | 7.66    |   |   |   | 8.43 |   |   |   |   |   |
| Income      before special items, attributable to equity holders of    AmBev |   |   | 2,603.2 |   |   |   | 2,328.7 |   |   |   | 4,931.8 |   |
| Weighted      average number of ordinary shares (diluted)                    |   |   | 344,576 |   |   |   | 280,222 |   |   |   | 624,798 |   |
| Diluted      EPS before special items                                        |   |   | 7.55    |   |   |   | 8.31 |   |   |   |   |   |

----

|                                      |   | 2009   |    |   | 2008   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
| Secured      bank loans                   |   |   | 91.9    |   |   |   | 86.3 |   |
| Unsecured      bank loans                 |   |   | 2,556.2 |   |   |   | 2,676.1 |   |
| Debentures      and unsecured bond issues |   |   | 3,453.6 |   |   |   | 3,919.4 |   |
| Other      unsecured loans                |   |   | 344.4   |   |   |   | 360.3 |   |
| Financial      leasing                    |   |   | 14.1    |   |   |   | 27.5 |   |
|                                      |   |   | 6,460.2 |   |   |   | 7,069.6 |   |

|                                      |   | 2009   |   |   | 2008   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|
| Secured      bank loans                   |   |   | 47.6   |   |   |   | 52.9 |   |
| Unsecured      bank loans                 |   |   | 728.8  |   |   |   | 2,698.3 |   |
| Debentures      and unsecured bond issues |   |   | 2.4    |   |   |   | 817.1 |   |
| Other      unsecured loans                |   |   | 14.4   |   |   |   | 8.4 |   |
| Financial      leasing                    |   |   | 7.9    |   |   |   | 11.5 |   |
|                                      |   |   | 801.1  |   |   |   | 3,588.2 |   |

|                                      |   | Total  |    |   | Lessthan 1year |   |   | 1-2 years |   |   | 2-3 years |   |   | 3-5 years |    |   | More than5 years |   |
|-------------------------------------------|--------|--------|---------|--------|---------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|----------------|---------|--------|----------------------------|--------|
| Secured      bank loans                   |   |   | 139.5   |   |                |   | 47.6   |           |   |   | 38.8           |   |   |           | 27.6    |   |                       |   | 25.5 |   |   |   | - |   |
| Unsecured      bank loans                 |   |   | 3,285.0 |   |                |   | 728.8  |           |   |   | 878.4          |   |   |           | 1,326.8 |   |                       |   | 144.1 |   |   |   | 206.8 |   |
| Debentures      and unsecured bond issues |   |   | 3,456.0 |   |                |   | 2.4    |           |   |   | 998.3          |   |   |           | 1,247.1 |   |                       |   | 939.8 |   |   |   | 268.3 |   |
| Unsecured      other loans                |   |   | 358.9   |   |                |   | 14.4   |           |   |   | 180.4          |   |   |           | 23.6    |   |                       |   | 38.5 |   |   |   | 102.0 |   |
| Finance      lease liabilities            |   |   | 21.9    |   |                |   | 7.9    |           |   |   | 7.4            |   |   |           | 6.4     |   |                       |   | 0.2 |   |   |   | - |   |
|                                      |   |   | 7,261.3 |   |                |   | 801.1  |           |   |   | 2,103.3        |   |   |           | 2,631.6 |   |                       |   | 1,148.1 |   |   |   | 577.1 |   |

----

|                    |   | 2009   |   |
|-------------------------|--------|--------|--------|
|                    |   | Total  |   |   | Interest |   |   | Principal |   |
| Less      than one year |   |   | 8.7    |   |   |   | 0.8 |   |   |   | 7.9 |   |
| 1      to 2 years       |   |   | 7.9    |   |   |   | 0.5 |   |   |   | 7.4 |   |
| 2      to 3 years       |   |   | 6.7    |   |   |   | 0.3 |   |   |   | 6.4 |   |
| 3      to 5 years       |   |   | 0.2    |   |   |   | - |   |   |   | 0.2 |   |
| More      than 5 years  |   |   | -      |   |   |   | - |   |   |   | - |   |
|                    |   |   | 23.5   |   |   |   | 1.6 |   |   |   | 21.9 |   |

|                    |   | 2008   |   |
|-------------------------|--------|--------|--------|
|                    |   | Total  |   |   | Interest |   |   | Principal |   |
| Less      than one year |   |   | 15.2   |   |   |   | 3.6 |   |   |   | 11.5 |   |
| 1      to 2 years       |   |   | 11.3   |   |   |   | 2.0 |   |   |   | 9.1 |   |
| 2      to 3 years       |   |   | 11.2   |   |   |   | 2.1 |   |   |   | 9.2 |   |
| 3      to 5 years       |   |   | 11.2   |   |   |   | 2.1 |   |   |   | 9.2 |   |
| More      than 5 years  |   |   | -      |   |   |   | - |   |   |   | - |   |
|                    |   |   | 48.9   |   |   |   | 9.8 |   |   |   | 39.0 |   |

| In      millions of Brazilian reais                 |   | 2009   |     |   | 2008   |   |
|-----------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Present      value of funded obligations            |   |   | (2,997.6 | )      |   |   | (2,942.1 | ) |
| Fair      value of plan assets                      |   |   | 3,315.1  |   |   |   | 3,138.9 |   |
| Present      value of net obligations               |   |   | 317.5    |   |   |   | 196.8 |   |
| Present      value of unfunded obligations          |   |   | (468.9   | )      |   |   | (488.3 | ) |
| Present      value of net obligations               |   |   | (151.4   | )      |   |   | (291.5 | ) |
| Unrecognized      past service cost                 |   |   | 2.7      |   |   |   | 5.8 |   |
| Unrecognized      assets                            |   |   | (605.2   | )      |   |   | (466.7 | ) |
| Net      liability                                  |   |   | (753.9   | )      |   |   | (752.4 | ) |
| Other      long term employee benefits              |   |   | (0.3     | )      |   |   | (12.0 | ) |
| Total      employee benefits                        |   |   | (754.2   | )      |   |   | (764.4 | ) |
| Employee      benefits amount in the balance sheet: |   |   |     |   |   |   |   |   |
| Liabilities                                         |   |   | (767.9   | )      |   |   | (784.3 | ) |
| Assets                                              |   |   | 13.7     |   |   |   | 19.9 |   |
| Net      liabilities                                |   |   | (754.2   | )      |   |   | (764.4 | ) |

----

| In      millions of Brazilian reais                  |   | 2009   |     |   | 2008   |   |     | 2007   |   |
|------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Defined      benefit obligation at 1 January         |   |   | (3,430.4 | )      |   |   | (3,771.4 | )      |   |   | (3,834.4 | ) |
| Service      cost                                    |   |   | (48.2    | )      |   |   | (68.1    | )      |   |   | (62.3 | ) |
| Interest      cost                                   |   |   | (252.8   | )      |   |   | (234.6   | )      |   |   | (232.8 | ) |
| New      unvested past service cost                  |   |   | 5.5      |   |   |   | (3.0     | )      |   |   | (0.2 | ) |
| Actuarial      gains and (losses)                    |   |   | (374.8   | )      |   |   | 495.5    |   |   |   | 43.2 |   |
| Gains      / (losses) on settlements or curtailments |   |   | 22.2     |   |   |   | -        |   |   |   | - |   |
| Reclassifications                                    |   |   | 3.0      |   |   |   | -        |   |   |   | 2.2 |   |
| Exchange      differences                            |   |   | 343.6    |   |   |   | (99.7    | )      |   |   | 62.4 |   |
| Benefits      paid                                   |   |   | 265.4    |   |   |   | 250.9    |   |   |   | 250.5 |   |
| Defined      benefit obligation at 31 December       |   |   | (3,466.5 | )      |   |   | (3,430.4 | )      |   |   | (3,771.4 | ) |

| In      millions of Brazilian reais                      |   | 2009   |    |   | 2008   |   |    | 2007   |   |
|----------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Fair      value of plan assets at 1 January              |   |   | 3,138.9 |   |   |   | 3,534.5 |   |   |   | 3,366.1 |   |
| Expected      return                                     |   |   | 268.0   |   |   |   | 283.2   |   |   |   | 310.7 |   |
| Actuarial      gains and (losses)                        |   |   | 331.0   |   |   |   | (645.9  | )      |   |   | (34.4 | ) |
| Contributions      by employer                           |   |   | 103.3   |   |   |   | 136.1   |   |   |   | 184.1 |   |
| Contributions      by plan participants                  |   |   | 4.0     |   |   |   | 3.7     |   |   |   | 4.2 |   |
| Exchange      differences                                |   |   | (258.1  | )      |   |   | 78.2    |   |   |   | (45.6 | ) |
| Transfers                                                |   |   | (6.6    | )      |   |   | -       |   |   |   | - |   |
| Benefits      paid                                       |   |   | (265.4  | )      |   |   | (251.0  | )      |   |   | (250.5 | ) |
| Fair      value of plan assets at 31  December |   |   | 3,315.1 |   |   |   | 3,138.8 |   |   |   | 3,534.5 |   |

| In      millions of Brazilian reais                |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|----------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Current      service costs                         |   |   | (28.6  | )      |   |   | (43.5  | )      |   |   | (55.8 | ) |
| Interest      cost                                 |   |   | (252.8 | )      |   |   | (234.7 | )      |   |   | (232.8 | ) |
| Expected      return on plan assets                |   |   | 268.0  |   |   |   | 283.2  |   |   |   | 310.7 |   |
| Amortized      past service cost                   |   |   | (14.4  | )      |   |   | (0.5   | )      |   |   | (15.0 | ) |
| New      vested past service cost                  |   |   | (15.5  | )      |   |   | (17.7  | )      |   |   | (2.3 | ) |
| (Gains)      losses on settlements or curtailments |   |   | 39.6   |   |   |   | -      |   |   |   | - |   |
| Recognized      past service cost                  |   |   | -      |   |   |   | (3.1   | )      |   |   | - |   |
| Asset      limitation                              |   |   | (59.5  | )      |   |   | (46.5  | )      |   |   | (72.0 | ) |
|                                               |   |   | (63.2  | )      |   |   | (62.8  | )      |   |   | (67.3 | ) |

----

| In      millions of Brazilian reais     |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Cost      of sales                      |   |   | (24.3  | )      |   |   | (15.7  | )      |   |   | (15.0 | ) |
| Distribution      expenses              |   |   | (28.1  | )      |   |   | (24.6  | )      |   |   | (25.9 | ) |
| Sales      and marketing expenses       |   |   | (0.8   | )      |   |   | (0.7   | )      |   |   | (0.7 | ) |
| Administrative      expenses            |   |   | 1.3    |   |   |   | (21.8  | )      |   |   | (25.7 | ) |
| Other      operating income and expense |   |   | (11.3  | )      |   |   | -      |   |   |   | - |   |
|                                    |   |   | (63.2  | )      |   |   | (62.8  | )      |   |   | (67.3 | ) |

|                                                  |   | 2009                                     |   |   | 2008                                    |   |   | 2007                                    |   |
|-------------------------------------------------------|--------|------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|
| Discount      rate                                    |   |                                     | 10.5   | %      |                                    |   | 8.1    | %                                       |   |   | 6.6 | % |
| Future      salary increases                          |   |                                     | 3.5    | %      |                                    |   | 3.8    | %                                       |   |   | 3.6 | % |
| Future      pension increases                         |   |                                     | 3.5    | %      |                                    |   | 2.4    | %                                       |   |   | 2.3 | % |
| Medical      cost trend rate                          |   | 12.3% p.a.reducing to 8.2 | %      |   | 8.9% p.a.reducing to 6.6 | %      |   | 9.2% p.a.reducing to 6.5 | %      |
| Dental      claims trend rate                         |   |                                     | 6.2    | %      |                                    |   | 4.6    | %                                       |   |   | 4.0 | % |
| Life      expectation for an over 40 years old male   |   |                                     | 80     |   |                                    |   | 80     |                                    |   |   | 80 |   |
| Life      expectation for an over 40 years old female |   |                                     | 84     |   |                                    |   | 85     |                                    |   |   | 84 |   |

|                                |   | 2009                                   |   |   | 2008                                   |   |   | 2007                                   |   |
|-------------------------------------|--------|----------------------------------------|--------|--------|----------------------------------------|--------|--------|----------------------------------------|--------|
| Discount      rate                  |   |                                   | 8.1    | %      |                                   |   | 6.6    | %                                      |   |   | 4.8 | % |
| Expected      return on plan assets |   |                                   | 13.2   | %      |                                   |   | 8.4    | %                                      |   |   | 5.7 | % |
| Future      salary increases        |   |                                   | 3.8    | %      |                                   |   | 3.6    | %                                      |   |   | 2.6 | % |
| Future      pension increases       |   |                                   | 2.4    | %      |                                   |   | 2.3    | %                                      |   |   | 1.6 | % |
| Medical      cost trend rate        |   | 8.9% p.areducing to 6.6 | %      |   | 9.2% p.areducing to 6.5 | %      |   | 6.7% p.areducing to 3.9 | %      |
| Dental      claims trend rate       |   |                                   | 4.6    | %      |                                   |   | 4.0    | %                                      |   |   | 4.1 | % |

----

----

| In millions of Brazilian reais                                           |   | 2009                         |   |   | 2008                         |   |   | 2007                         |   |
|----------------------------------------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| Medical cost trend rate                                                       |   | 100 basispointsincrease |   |   | 100 basispointsdecrease |   |   | 100 basispointsincrease |   |   | 100 basispointsdecrease |   |   | 100 basispointsincrease |   |   | 100 basispointsdecrease |   |
| Effect      on the aggregate of the service cost and interest cost and of medical      plans |   |                         | (6.7   | )      |                         |   | 5.8    |                         |   |   | (7.4 | ) |   |   | 6.2 |   |   |   | (7.5 | ) |   |   | 6.3 |   |
| Effect      on the defined benefit obligation for medical cost                               |   |                         | (65.9  | )      |                         |   | 57.6   |                         |   |   | (57.1 | ) |   |   | 48.8 |   |   |   | (78.8 | ) |   |   | 67.8 |   |

| In millions of Brazilian reais                                           |   | 2009                        |   |   | 2008                        |   |   | 2007                        |   |
|----------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|--------|-----------------------------|--------|
| Discount rate                                                                           |   | 50 basispointsincrease |   |   | 50 basispointsdecrease |   |   | 50 basispointsincrease |   |   | 50      basispointsdecrease |   |   | 50 basispointsincrease |   |   | 50      basis pointsdecrease |   |
| Effect      on the aggregate of the service cost and interest cost and of medical      plans |   |                        | 1.3    |   |                        |   | (0.1   | )                           |   |   | 1.4 |   |   |   | (1.0 | ) |   |   | 1.6 |   |   |   | (1.1 | ) |
| Effect      on the defined benefit obligation for medical cost                               |   |                        | 177.1  |   |                        |   | (190.5 | )                           |   |   | 156.7 |   |   |   | (168.4 | ) |   |   | 230.6 |   |   |   | (243.5 | ) |

| In millions of Brazilian reais                                           |   | 2009                        |   |   | 2008                        |   |   | 2007                        |   |
|----------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|--------|-----------------------------|--------|
| Future salary increase                                                             |   | 50 basispointsincrease |   |   | 50 basispointsdecrease |   |   | 50 basispointsincrease |   |   | 50 basispointsdecrease |   |   | 50 basispointsincrease |   |   | 50      basis pointsdecrease |   |
| Effect      on the aggregate of the service cost and interest cost and of medical      plans |   |                        | (0.8   | )      |                        |   | 0.8    |                        |   |   | (1.1 | ) |   |   | 1.1 |   |   |   | (1.1 | ) |   |   | 1.1 |   |
| Effect      on the defined benefit obligation for medical cost                               |   |                        | 5.4    |   |                        |   | (5.5   | )                           |   |   | (6.3 | ) |   |   | 6.1 |   |   |   | (8.9 | ) |   |   | 8.7 |   |

| In millions of Brazilian reais                                           |   | 2009                  |   |   | 2008                  |   |   | 2007                  |   |
|----------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|-----------------------|--------|--------|-----------------------|--------|
| Longevity                                                                                    |   | One yearincrease |   |   | One yeardecrease |   |   | One yearincrease |   |   | One yeardecrease |   |   | One yearincrease |   |   | One yeardecrease |   |
| Effect      on the aggregate of the service cost and interest cost and of medical      plans |   |                  | (4.1   | )      |                  |   | 4.0    |                  |   |   | (8.9 | ) |   |   | 9.0 |   |   |   | (9.3 | ) |   |   | 9.1 |   |
| Effect      on the defined benefit obligation for medical cost                               |   |                  | (61.8  | )      |                  |   | 59.7   |                  |   |   | (89.8 | ) |   |   | 87.5 |   |   |   | (123.0 | ) |   |   | 119.9 |   |

|                  |   | 2009   |   |   | 2008   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|
| Government      bonds |   |   | 27     | %      |   |   | 47 | % |
| Corporate      bonds  |   |   | 10     | %      |   |   | 13 | % |
| Equity                |   |   | 60     | %      |   |   | 39 | % |
| Property              |   |   | 3      | %      |   |   | 2 | % |

----

| In millions of Brazilian    Reais                                 |   | 2009   |     |   | 2008   |   |     | 2007   |   |
|-------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
| Present      value of the defined benefit obligations             |   |   | (2,997.6 | )      |   |   | (2,942.1 | )      |   |   | (3,227.4 | ) |
| Fair      value of plan assets                                    |   |   | 3,315.1  |   |   |   | 3,138.9  |   |   |   | 3,534.5 |   |
| Pension/contingency      reserves                                 |   |   | 317.5    |   |   |   | 196.8    |   |   |   | 307.1 |   |
| Experience      adjustments: (increase)/decrease plan liabilities |   |   | (374.8   | )      |   |   | 495.5    |   |   |   | 43.2 |   |
| Experience      adjustments: increase/(decrease) plan assets      |   |   | 331.0    |   |   |   | (645.9   | )      |   |   | (34.4 | ) |

| In R$                         |   |   | (1)2009 B |   |   |   | (2)2009 A |   |   |   | (3)2008 |   |   |   | (4)2007 |   |
|------------------------------------|--------|--------|----------------|--------|--------|--------|----------------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| Fair      value of options granted |   |   | 90.56          |   |   |   | 66.23          |   |   |   | 83.55   |   |   |   | 61.83   |   |
| Share      price                   |   |   | 133.99         |   |   |   | 97.93          |   |   |   | 134.19  |   |   |   | 108.84  |   |
| Exercise      price                |   |   | 130.06         |   |   |   | 92.28          |   |   |   | 124.97  |   |   |   | 95.18   |   |
| Expected      volatility           |   |   | 45.1           | %      |   |   | 48.2           | %      |   |   | 33.0    | %      |   |   | 25.5    | %      |
| Vesting      period                |   |   | 5              |   |   |   | 5              |   |   |   | 5       |   |   |   | 4       |   |
| Expected      dividends            |   |   | 0              | %      |   |   | 0              | %      |   |   | 0       | %      |   |   | 0       | %      |
| Risk-free      interest rate       |   |   | 12.6           | %      |   |   | 11.8           | %      |   |   | 12.5    | %      |   |   | 10.6    | %      |

| (1)  | Option      plan based on the bonus paid in the third quarter of 2009 related to the      profit of  the first half of2009 |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Option      plan based on the bonus paid in the first half of 2009 related to      the  2008 profit. |
|-----------|----------------------------------------------------------------------------------------------------------------|

| (3)  | Option      plan based on the bonus paid in the first half of 2008 related to the 2007      profit. |
|-----------|-----------------------------------------------------------------------------------------------------|

| (4)  | Option      plan based on the bonus paid in the first half of 2007 related to the 2006      profit. |
|-----------|-----------------------------------------------------------------------------------------------------|

----

| Thousand      options                        |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Options      outstanding at January 1   |   |   | 2,829  |   |   |   | 2,295  |   |   |   | 2,439 |   |
| Options      issued during the year          |   |   | 1,631  |   |   |   | 803    |   |   |   | 845 |   |
| Options      exercised during the year       |   |   | 122    |   |   |   | 128    |   |   |   | 611 |   |
| Options      forfeited during the year       |   |   | 224    |   |   |   | 141    |   |   |   | 378 |   |
| Options      outstanding at December 31 |   |   | 4,114  |   |   |   | 2,829  |   |   |   | 2,295 |   |

| In      R$ per share                         |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Options      outstanding at January 1   |   |   | 97.52  |   |   |   | 84.34  |   |   |   | 64.76 |   |
| Options      issued during the year          |   |   | 122.18 |   |   |   | 134.19 |   |   |   | 108.84 |   |
| Options      exercised during the year       |   |   | 57.37  |   |   |   | 94.94  |   |   |   | 63.67 |   |
| Options      forfeited during the year       |   |   | 99.34  |   |   |   | 75.70  |   |   |   | 60.25 |   |
| Options      outstanding at December 31 |   |   | 103.77 |   |   |   | 97.52  |   |   |   | 84.34 |   |
| Options      exercisable at December 31 |   |   | 55.14  |   |   |   | 55.20  |   |   |   | 50.65 |   |

----

|                                                        |   | Restructuring |    |   | Disputes |   |   | Other  |   |   | Total   |   |
|-------------------------------------------------------------|--------|---------------|---------|--------|----------|--------|--------|--------|--------|--------|---------|--------|
| Balance      at  December 31, 2007                |   |          | 34.6    |   |     |   | 998.7  |   |   |   | — |   |   |   | 1,033.3 |   |
| Effect      of changes in foreign exchange rates            |   |          | (0.3    | )      |     |   | 23.4   |   |   |   |    |   |   |   | 23.1 |   |
| Provisions      made                                        |   |          | 7.2     |   |     |   | 295.3  |   |   |   | — |   |   |   | 302.5 |   |
| Provisions      used                                        |   |          | (23.1   | )      |     |   | (177.6 | )      |   |   | — |   |   |   | (200.7 | ) |
| Provisions      reversed                                    |   |          | (3.0    | )      |     |   | (131.4 | )      |   |   | — |   |   |   | (134.3 | ) |
| Transfer      between account                               |   |          | — |   |     |   | (140.4 | )      |   |   | 140.4   |   |   |   | — |   |
| Other      movements                                        |   |          | — |   |     |   | 40.8   |   |   |   | — |   |   |   | 40.8 |   |
| Balance      at December 31, 2008                      |   |          | 15.5    |   |     |   | 908.8  |   |   |   | 140.4   |   |   |   | 1,064.7 |   |
| Effect      of changes in foreign  exchange rates |   |          | (1.6    | )      |     |   | (46.6  | )      |   |   | -       |   |   |   | (48.2 | ) |
| Provisions      made                                        |   |          | 3.9     |   |     |   | 527.1  |   |   |   | -       |   |   |   | 531.0 |   |
| Provisions      used                                        |   |          | (11.4   | )      |     |   | (124.7 | )      |   |   | -       |   |   |   | (136.1 | ) |
| Provisions      reversed                                    |   |          | -       |   |     |   | (413.5 | )      |   |   | -       |   |   |   | (413.5 | ) |
| Other      movements                                        |   |          | -       |   |     |   | 37.4   |   |   |   | (19.8   | )      |   |   | 17.6 |   |
| Balance      at December 31, 2009                           |   |          | 6.4     |   |     |   | 888.5  |   |   |   | 120.6   |   |   |   | 1,015.5 |   |

| In millions of reais |   | Total  |   |   | 1 year or less |   |   | 1-2 years |   |   | 2-5 years |   |   | Over 5 years |   |
|-------------------------------------|--------|--------|--------|--------|-------------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------------|--------|
| Restructuring                       |   |   |   |   |                          |   |   |           |   |   |           |   |   |                   |   |
| Non-current      restructuring      |   |   | 6.4    |   |                          |   | 3.6    |           |   |   | 2.8            |   |   |                   | -      |   |   |   | - |   |
| Total                               |   |   | 6.4    |   |                          |   | 3.6    |           |   |   | 2.8            |   |   |                   | -      |   |   |   | - |   |

| In millions of reais |   | Total  |    |   | 1 year or less |   |   | 1-2 years |   |   | 3-5 years |   |   | Over 5 years |   |
|-------------------------------------|--------|--------|---------|--------|-------------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|------------------------|--------|
| Disputes                            |   |   |    |   |                          |   |   |           |   |   |           |   |   |                   |   |
| Civil                               |   |   | 29.7    |   |                          |   | 2.8    |           |   |   | 8.1            |   |   |                   | 12.5   |   |   |   | 6.3 |   |
| Taxes      on sales                 |   |   | 387.4   |   |                          |   | 48.5   |           |   |   | 67.8           |   |   |                   | 135.5  |   |   |   | 135.5 |   |
| Income      tax                     |   |   | 145.8   |   |                          |   | 8.2    |           |   |   | 27.6           |   |   |                   | 54.9   |   |   |   | 55.2 |   |
| Labor                               |   |   | 226.3   |   |                          |   | 23.2   |           |   |   | 42.5           |   |   |                   | 83.9   |   |   |   | 76.7 |   |
| Other                               |   |   | 99.3    |   |                          |   | 9.9    |           |   |   | 18.8           |   |   |                   | 55.0   |   |   |   | 15.6 |   |
| Total                               |   |   | 888.5   |   |                          |   | 92.6   |           |   |   | 164.8          |   |   |                   | 341.8  |   |   |   | 289.3 |   |
|                                |   |   |    |   |                          |   |   |           |   |   |           |   |   |                   |   |   |   |   |   |   |
| Other                               |   |   | 120.6   |   |                          |   | -      |           |   |   | -              |   |   |                   | -      |   |   |   | 120.6 |   |
| Total                               |   |   | 1,015.5 |   |                          |   | 96.2   |           |   |   | 167.6          |   |   |                   | 341.8  |   |   |   | 409.9 |   |

|                                           |   | 2009   |   |   | 2008   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Trade      payables                            |   |   | 25.5   |   |   |   | 15.8 |   |
| Sales      tax incentives (“ICMS”) |   |   | 608.6  |   |   |   | 583.0 |   |
| Other      payables                            |   |   | 29.5   |   |   |   | 27.6 |   |
|                                           |   |   | 663.6  |   |   |   | 626.4 |   |

----

|                                                            |   | 2009   |    |   | 2008   |   |
|-----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Trade      payables and accrued expenses                        |   |   | 3,567.8 |   |   |   | 3,308.3 |   |
| Payroll      and social security payables                       |   |   | 432.9   |   |   |   | 308.6 |   |
| Indirect      tax payable                                       |   |   | 1,374.9 |   |   |   | 1,325.5 |   |
| Interest      payable                                           |   |   | 93.3    |   |   |   | 365.5 |   |
| Consigned      packaging                                        |   |   | 71.9    |   |   |   | 77.6 |   |
| Cash      guarantees                                            |   |   | 3.1     |   |   |   | 4.4 |   |
| Derivative      financial instruments with negative fair values |   |   | 666.2   |   |   |   | 418.8 |   |
| Dividends      payable                                          |   |   | 67.3    |   |   |   | 300.1 |   |
| Other      payables                                             |   |   | 2.5     |   |   |   | 38.7 |   |
|                                                            |   |   | 6,279.9 |   |   |   | 6,147.5 |   |

----

|                            |                          |   | Notional Amount |     |   | Fair Value |   |
|---------------------------------|-------------------------------|--------|----------------------|----------|--------|-----------------|--------|
|                            |                          |   | 2009                 |     |   | 2008            |   |   | 2009 |   |   | 2008 |   |
| Purpose      / Risk/ Instrument |                          |   |                 |     |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Foreign      Currency           | Future      contracts(1)      |   |                 | 1,155.2  |   |            |   | 1,630.1 |   |   |   | 0.1 |   |   |   | (53.0 | ) |
| Foreign      Currency           | Options                       |   |                 | 707.6    |   |            |   | - |   |   |   | 38.3 |   |   |   | - |   |
| Foreign      Currency           | Non      Deliverable Forwards |   |                 | 707.5    |   |            |   | 984.7 |   |   |   | (10.4 | ) |   |   | 161.2 |   |
| Foreign      Currency           | Deliverable      Forwards     |   |                 | 446.9    |   |            |   | 315.8 |   |   |   | (27.2 | ) |   |   | 13.4 |   |
| Interest      Rates             | Future      contracts         |   |                 | (300.0   | )      |            |   | (1,000.0 | ) |   |   | - |   |   |   | (0.5 | ) |
| Commodity                       | Future      contracts         |   |                 | 213.3    |   |            |   | 236.8 |   |   |   | 54.4 |   |   |   | (53.0 | ) |
| Commodity                       | Swaps                         |   |                 | 479.0    |   |            |   | 471.0 |   |   |   | 106.7 |   |   |   | (293.7 | ) |
| Operational      Hedge          |                          |   |                 | 3,409.5  |   |            |   | 2,638.4 |   |   |   | 161.9 |   |   |   | (225.6 | ) |
| Foreign      Currency           | Future      contracts(1)      |   |                 | (289.2   | )      |            |   | (713.4 | ) |   |   | (0.1 | ) |   |   | 23.2 |   |
| Foreign      Currency           | Swaps                         |   |                 | 2,343.5  |   |            |   | 2,635.6 |   |   |   | (351.0 | ) |   |   | 172.9 |   |
| Foreign      Currency           | Non      Deliverable Forwards |   |                 | 1,121.8  |   |            |   | 1,469.3 |   |   |   | 466.0 |   |   |   | 379.3 |   |
| Interest      Rates             | Future      contracts         |   |                 | 0        |   |            |   |   |   |   |   | 0 |   |   |   |   |   |
| Interest      Rates             | Future      contracts(1)      |   |                 | 55.0     |   |            |   | 382.0 |   |   |   | 0.5 |   |   |   | (0.2 | ) |
| Interest      Rates             | Swaps                         |   |                 | 20.8     |   |            |   | 921.7 |   |   |   | 32.2 |   |   |   | 14.6 |   |
| Financial      Hedge            |                          |   |                 | 3,251.9  |   |            |   | 4,695.2 |   |   |   | 147.6 |   |   |   | 589.8 |   |
| Foreign      Currency           | Future      contracts(1)      |   |                 | (1,266.5 | )      |            |   | (1,590.3 | ) |   |   | (0.2 | ) |   |   | 52.7 |   |
| Fiscal      Hedge               |                          |   |                 | (1,266.5 | )      |            |   | (1,590.3 | ) |   |   | (0.2 | ) |   |   | 52.7 |   |
| Total      Derivatives          |                          |   |                 | 5,394.9  |   |            |   | 5,743.3 |   |   |   | 309.3 |   |   |   | 416.9 |   |

----

|                            |                          |   | Result  |   |
|---------------------------------|-------------------------------|--------|---------|--------|
|                            |                          |   | 2009(2) |   |   | 2008 |   |
| Purpose      / Risk/ Instrument |                          |   |    |   |   |   |   |   |   |
| Foreign      Currency           | Future      contracts(1)      |   |    | (450.3 | ) |   |   | 408.9 |   |
| Foreign      Currency           | Non      Deliverable Forwards |   |    | (109.9 | ) |   |   | 174.6 |   |
| Foreign      Currency           | Deliverable      Forwards     |   |    | (38.1  | ) |   |   | 9.7 |   |
| Interest      Rates             | Future      contracts         |   |    | (0.6   | ) |   |   | (12.7 | ) |
| Commodity                       | Future      contracts         |   |    | 105.8  |   |   |   | (86.3 | ) |
| Commodity                       | Swaps                         |   |    | 208.2  |   |   |   | (303.7 | ) |
| Operational      Hedge          |                          |   |    | (284.9 | ) |   |   | 190.5 |   |
| Foreign      Currency           | Future      contracts(1)      |   |    | 138.1  |   |   |   | (34.1 | ) |
| Foreign      Currency           | Swaps                         |   |    | (690.1 | ) |   |   | 347.0 |   |
| Foreign      Currency           | Non      Deliverable Forwards |   |    | 215.2  |   |   |   | 41.1 |   |
| Interest      Rates             | Future      contracts(1)      |   |    | (6.6   | ) |   |   | (0.3 | ) |
| Interest      Rates             | Swaps                         |   |    | 52.9   |   |   |   | (23.0 | ) |
| Financial      Hedge            |                          |   |    | (290.5 | ) |   |   | 330.7 |   |
| Foreign      Currency           | Future      contracts(1)      |   |    | 421.9  |   |   |   | (302.4 | ) |
| Fiscal      Hedge               |                          |   |    | 421.9  |   |   |   | (302.4 | ) |
| Total      Derivatives          |                          |   |    | (153.5 | ) |   |   | 218.8 |   |

| (1) | Futures      contracts are traded on organized futures exchanges, whereas other      derivative financial instruments are traded directly with financial      institutions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Income      generated by operations during 2009. Of the amount generated in the year,      R$ 137.0 was recognized in the income statement, of which R$ (284.9) as      financial income and R$ 421.9 as income tax and social contribution. The      operational hedge result of  R$ (284.9) was allocated to      shareholders' equity, partially amortizing the accumulated results of      previous years which will be recognized in future periods in accordance      with the maturity of each instrument. Part of this loss was already      recognized in the Company's results in 2009 according to the nature of      each hedge. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                              |   | Fair Value               |   |
|-----------------------------------|--------|-------------------------------|--------|
|                              |   | 2010                          |   |   | 2011 |   | 2012 |   | 2013 |   | >2013 |   | Total |   |
| Purpose      / Risk / Instruments |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign      Currency             |   | Future      contracts         |   |   | 0.1 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 0.1 |   |
| Foreign      Currency             |   | Options                       |   |   | 30.5 |   |   | 7.8 |   |   | - |   |   | - |   |   | - |   |   | 38.3 |   |
| Foreign      Currency             |   | Non      Deliverable Forwards |   |   | (12.5 | ) |   | 2.1 |   |   | - |   |   | - |   |   | - |   |   | (10.4 | ) |
| Foreign      Currency             |   | Deliverable      Forwards     |   |   | (26.4 | ) |   | (0.9 | ) |   | - |   |   | - |   |   | - |   |   | (27.3 | ) |
| Commodity                         |   | Future      contracts         |   |   | 42.3 |   |   | 12.1 |   |   | - |   |   | - |   |   | - |   |   | 54.4 |   |
| Commodity                         |   | Swaps                         |   |   | 81.0 |   |   | 25.8 |   |   | - |   |   | - |   |   | - |   |   | 106.8 |   |
| Operational      Hedge            |   |                          |   |   | 115.0 |   |   | 46.9 |   |   | - |   |   | - |   |   | - |   |   | 161.9 |   |
| Foreign      Currency             |   | Future      contracts         |   |   | - |   |   | (0.1 | ) |   | - |   |   | - |   |   | - |   |   | (0.1 | ) |
| Foreign      Currency             |   | Swaps                         |   |   | (3.4 | ) |   | (145.4 | ) |   | - |   |   | (202.2 | ) |   | - |   |   | (351.0 | ) |
| Foreign      Currency             |   | Non      Deliverable Forwards |   |   | 2.3 |   |   | 330.0 |   |   | 133.7 |   |   | - |   |   | - |   |   | 466.0 |   |
| Interest      Rates               |   | Future      contracts         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 0.5 |   |   | 0.5 |   |
| Interest      Rates               |   | Swaps                         |   |   | 15.1 |   |   | (4.2 | ) |   | 2.2 |   |   | - |   |   | 19.1 |   |   | 32.2 |   |
| Financial      Hedge              |   |                          |   |   | 14.0 |   |   | 180.3 |   |   | 135.9 |   |   | (202.2 | ) |   | 19.6 |   |   | 147.6 |   |
| Foreign      Currency             |   | Future      contracts         |   |   | (0.2 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | (0.2 | ) |
| Fiscal      Hedge                 |   |                          |   |   | (0.2 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | (0.2 | ) |
| Total      Derivatives            |   |                          |   |   | 128.8 |   |   | 227.2 |   |   | 135.9 |   |   | (202.2 | ) |   | 19.6 |   |   | 309.3 |   |

----

|                              |   |                          |   | Notional Value |     |
|-----------------------------------|--------|-------------------------------|--------|---------------------|----------|
|                              |   |                          |   | 2010                |     | 2011 |   | 2012 |   | 2013 |   | >2013 |   | Total |   |
| Purpose      / Risk / Instruments |   |                          |   |                |     |   |   |   |   |   |   |   |   |
| Foreign      Currency             |   | Future      contracts         |   |                | 1,155.2  |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,155.2 |   |
| Foreign      Currency             |   | Options                       |   |                | 563.3    |   |   | 144.3 |   |   | - |   |   | - |   |   | - |   |   | 707.6 |   |
| Foreign      Currency             |   | Non      Deliverable Forwards |   |                | 612.1    |   |   | 95.4 |   |   | - |   |   | - |   |   | - |   |   | 707.5 |   |
| Foreign      Currency             |   | Deliverable      Forwards     |   |                | 436.0    |   |   | 10.9 |   |   | - |   |   | - |   |   | - |   |   | 446.9 |   |
| Interest      Rates               |   | Future      contracts         |   |                | (300.0   | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | (300.0 | ) |
| Commodity                         |   | Future      contracts         |   |                | 178.7    |   |   | 34.6 |   |   | - |   |   | - |   |   | - |   |   | 213.3 |   |
| Commodity                         |   | Swaps                         |   |                | 364.1    |   |   | 114.9 |   |   | - |   |   |   |   |   | - |   |   | 479.0 |   |
| Operational      Hedge            |   |                          |   |                | 3,009.4  |   |   | 400.1 |   |   | - |   |   |   |   |   | - |   |   | 3,409.5 |   |
| Foreign      currency             |   | Future      Contracts         |   |                | (92.0    | ) |   | (202.0 | ) |   | 0.4 |   |   | - |   |   | 4.4 |   |   | (289.2 | ) |
| Foreign      currency             |   | Swaps                         |   |                | -        |   |   | 1,252.4 |   |   | - |   |   | 1,091.2 |   |   | - |   |   | 2,343.6 |   |
| Foreign      currency             |   | Non      Deliverable Forwards |   |                | (65.5    | ) |   | 600.8 |   |   | 586.5 |   |   | - |   |   | - |   |   | 1,121.8 |   |
| Interest      Rates               |   | Future      Contracts         |   |                | 90.0     |   |   | 80.0 |   |   | (2.5 | ) |   | - |   |   | (112.5 | ) |   | 55.0 |   |
| Interest      Rates               |   | Swaps                         |   |                | 0.0      |   |   | (113.4 | ) |   | (165.8 | ) |   | - |   |   | 300.0 |   |   | 20.8 |   |
| Financial      Hedge              |   |                          |   |                | (67.5    | ) |   | 1,617.8 |   |   | 418.6 |   |   | 1,091.2 |   |   | 191.9 |   |   | 3,252.0 |   |
| Foreign      Currency             |   | Future      Contracts         |   |                | (1,266.5 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,266.5 | ) |
| Fiscal      Hedge                 |   |                          |   |                | (1,266.5 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,266.5 | ) |
| Total Derivatives            |   |                          |   |                | 1,675.4  |   |   | 2,017.9 |   |   | 418.6 |   |   | 1,091.2 |   |   |  191.9 |   |   | 5,395.0 |   |

----

| Risk Factor       |   | Financial Instrument |   | Risk                                                  |   | BaseScenario |   | AdverseScenario |   | RemoteScenario |   | VaR3 (R$) |     |
|------------------------|--------|---------------------------|--------|-------------------------------------------------------|--------|--------------|--------|-----------------|--------|----------------|--------|----------------|----------|
| Foreign      Currency  |   | Future      Contracts     |   | Dollar      decrease                                  |   |         | 0.1    |            |   | (288.7         | )      |           | (577.5   | ) |   | 157.6 |   |
| Foreign      Currency  |   | Options                   |   | Dollar      decrease                                  |   |         | -      |            |   | -              |   |           | -        |   |   | 27.9 |   |
| Foreign      Currency  |   | NDFs                      |   | Dollar      and Euro decrease                         |   |         | (10.4  | )               |   | (196.8         | )      |           | (383.3   | ) |   | 35.7 |   |
| Interest      Rates    |   | Deliverable      Forwards |   | Dollar      decrease                                  |   |         | (27.2  | )               |   | (139.0         | )      |           | (250.7   | ) |   | 41.9 |   |
| Interest      Rates    |   | Future      Contracts     |   | Reduction      in Interbank Deposit Certificate (CDI) |   |         | -      |            |   | -              |   |           | (0.1     | ) |   | - |   |
| Commodity              |   | Future      Contracts     |   | Commodities      decrease                             |   |         | 54.4   |            |   | 1.1            |   |           | (52.3    | ) |   | 53.4 |   |
| Commodity              |   | Swaps                     |   | Commodities      decrease                             |   |         | 106.7  |            |   | (13.0          | )      |           | (132.8   | ) |   | 86.7 |   |
| Operational      Hedge |   |                      |   |                                                  |   |         |   |            |   |           |   |           |     |   |   |   |   |
| Foreign      Currency  |   | Future      Contracts     |   | Dollar      increase                                  |   |         | (0.1   | )               |   | (72.4          | )      |           | (144.7   | ) |   | 16.8 |   |
| Foreign      Currency  |   | Swaps                     |   | Dollar      decrease                                  |   |         | (351.0 | )               |   | (936.8         | )      |           | (1,522.7 | ) |   | 366.7 |   |
| Foreign      Currency  |   | NDFs                      |   | Dollar      decrease                                  |   |         | 466.0  |            |   | 185.6          |   |           | (94.9    | ) |   | 133.5 |   |
| Interest      Rates    |   | Future      Contracts     |   | Increase      in interest rate                        |   |         | 0.5    |            |   | (8.6           | )      |           | (17.1    | ) |   | 3.0 |   |
| Interest      Rates    |   | Swaps                     |   | Increase      in interest rate                        |   |         | 32.2   |            |   | (8.0           | )      |           | (16.0    | ) |   | 4.3 |   |
| Financial      Hedge   |   |                      |   |                                                  |   |         |   |            |   |           |   |           |     |   |   |   |   |
| Foreign      Currency  |   | Future      Contracts     |   | Dollar      increase                                  |   |         | (0.2   | )               |   | (316.9         | )      |           | (633.5   | ) |   | 194.1 |   |
| Fiscal      Hedge      |   |                      |   |                                                  |   |         |   |            |   |           |   |           |     |   |   |   |   |

| 3) | unaudited      information |
|----|----------------------------|

| Transaction                 |   | Risk                                    |   |   | BaseScenario |   |   | AdverseScenario |   |   | RemoteScenario |   |
|-----------------------------|--------|-----------------------------------------|--------|--------|--------------|--------|--------|-----------------|--------|--------|----------------|--------|
| Foreign      exchange hedge |   | Dollar      and euro decrease           |   |   |         | (35.8  | )      |            |   | (610.7 | )              |   |   | (1,185.7 | ) |
| Raw      material purchases |   |                                    |   |   |         | 35.8   |   |            |   | 787.6  |           |   |   | 1,539.5 |   |
| Commodities      hedge      |   | Decrease      on Commodities      price |   |   |         | 161.1  |   |            |   | (12.0  | )              |   |   | (185.1 | ) |
| Input      purchases        |   |                                    |   |   |         | (161.1 | )      |            |   | 12.0   |           |   |   | 185.1 |   |
| Foreign      exchange hedge |   | Dollar      and euro decrease           |   |   |         | (1.7   | )      |            |   | (13.8  | )              |   |   | (25.9 | ) |
| Capex      purchase         |   |                                    |   |   |         | 1.7    |   |            |   | 13.8   |           |   |   | 25.9 |   |
| Operational      hedge      |   |                                    |   |   |         | 123.6  |   |            |   | (636.5 | )              |   |   | (1,396.7 | ) |
| Operational      purchases  |   |                                    |   |   |         | (123.6 | )      |            |   | 813.4  |           |   |   | 1,750.5 |   |
| Net      effect             |   |                                    |   |   |         | -      |   |            |   | 176.9  |           |   |   | 353.8 |   |
| Foreign      exchange hedge |   | Foreign      currency decrease          |   |   |         | 115.0  |   |            |   | (823.6 | )              |   |   | (1,762.3 | ) |
| Net      debt               |   |                                    |   |   |         | (115.0 | )      |            |   | 823.6  |           |   |   | 1,762.3 |   |
| Interest      rate hedge    |   | Decrease      in interest rates         |   |   |         | 32.6   |   |            |   | (16.6  | )              |   |   | (59.3 | ) |
| Interest      Expenses      |   |                                    |   |   |         | (32.6  | )      |            |   | 16.6   |           |   |   | 59.3 |   |
| Financial      hedge        |   |                                    |   |   |         | 147.6  |   |            |   | (840.2 | )              |   |   | (1,821.6 | ) |
| Net      debt and interest  |   |                                    |   |   |         | (147.6 | )      |            |   | 840.2  |           |   |   | 1,821.6 |   |
| Net      effect             |   |                                    |   |   |         | -      |   |            |   | -      |           |   |   | - |   |
| Foreign      exchange hedge |   | Dollar      increase                    |   |   |         | (0.2   | )      |            |   | (316.9 | )              |   |   | (633.5 | ) |
| Tax      expenses           |   |                                    |   |   |         | 0.2    |   |            |   | 316.9  |           |   |   | 633.5 |   |
| Fiscal      hedge           |   |                                    |   |   |         | (0.2   | )      |            |   | (316.9 | )              |   |   | (633.5 | ) |
| Tax      expenses           |   |                                    |   |   |         | 0.2    |   |            |   | 316.9  |           |   |   | 633.5 |   |
| Net      effect             |   |                                    |   |   |         | -      |   |            |   | -      |           |   |   | - |   |

----

| Description            |   | Decrease (Increase)in the cost of goods sold  |   |
|------------------------|--------|----------------------------------------------------------------------------------|--------|
| Currency      hedge    |   |                                                                             | 212.7  |   |
| Hedge      of aluminum |   |                                                                             | (172.8 | ) |
| Hedge      of sugar    |   |                                                                             | 34.3   |   |
| Hedge      of wheat    |   |                                                                             | (50.1  | ) |
| Hedge      of fuel     |   |                                                                             | (1.0   | ) |
| Total                  |   |                                                                             | 23.1   |   |

|                                                                      |   | Level 1 |   |   | Level 2 |   |    | Total  |   |
|---------------------------------------------------------------------------|--------|--------------|--------|--------|--------------|--------|---------|--------|--------|
| Financial Assets                                                          |   |         |   |   |         |   |    |   |   |
| Financial      Assets measured by fair value through profit and loss      |   |         | 5.5    |   |         |   | 67.3    |   |   |   | 72.8 |   |
| Derivatives                                                               |   |         | 5.5    |   |         |   | 15.0    |   |   |   | 20.5 |   |
| Non      Derivatives                                                      |   |         | -      |   |         |   | 52.3    |   |   |   | 52.3 |   |
| Derivatives  -      Cash Flow Hedge                             |   |         | 76.5   |   |         |   | 653.1   |   |   |   | 729.6 |   |
| Derivatives      – Fair Value Hedge                                 |   |         | -      |   |         |   | 225.5   |   |   |   | 225.5 |   |
|                                                                      |   |         |   |   |         |   |    |   |   |   |   |   |
| Financial Liabilities                                                     |   |         |   |   |         |   |    |   |   |   |   |   |
| Financial      Liabilities measured by fair value through profit and loss |   |         | 1.7    |   |         |   | 2,336.4 |   |   |   | 2,338.1 |   |
| Derivatives                                                               |   |         | 1.7    |   |         |   | 66.0    |   |   |   | 67.7 |   |
| Non      Derivatives                                                      |   |         | -      |   |         |   | 2,270.4 |   |   |   | 2,270.4 |   |
| Derivatives-      Cash Flow Hedge                                         |   |         | 5.8    |   |         |   | 70.8    |   |   |   | 76.6 |   |
| Derivatives      – Fair Value Hedge                                 |   |         | 27.4   |   |         |   | 494.5   |   |   |   | 521.9 |   |

----

| Financial liabilities                      |   | Book   |    |   | Market |   |    | Difference |   |
|-------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|------------|--------|
|                                            |   |   |    |   |   |   |    |       |   |
| Working      Capital BRL (Labatt)               |   |   | 1,188.2 |   |   |   | 917.9   |       |   |   | 270.4 |   |
| Syndicated      Facility (CAD)                  |   |   | 709.7   |   |   |   | 709.7   |       |   |   | - |   |
| TBS      (CAD) (i)                              |   |   | 156.7   |   |   |   | 156.6   |       |   |   | 0.1 |   |
| International      financing (other currencies) |   |   | 760.7   |   |   |   | 760.7   |       |   |   | - |   |
| Agro-industrial      credit                     |   |   | 185.0   |   |   |   | 185.0   |       |   |   | - |   |
| BNDES/FINEP/EGF                                 |   |   | 583.4   |   |   |   | 583.4   |       |   |   | - |   |
| Bond      2011                                  |   |   | 998.3   |   |   |   | 1,010.8 |       |   |   | (12.5 | ) |
| Bond      2013                                  |   |   | 939.8   |   |   |   | 1,009.9 |       |   |   | (70.1 | ) |
| Bond      2017                                  |   |   | 268.3   |   |   |   | 294.4   |       |   |   | (26.1 | ) |
| Debentures                                      |   |   | 1,247.1 |   |   |   | 1,264.8 |       |   |   | (17.7 | ) |
| Tax      incentives                             |   |   | 202.1   |   |   |   | 202.1   |       |   |   | - |   |
| Financial      Leasing                          |   |   | 21.9    |   |   |   | 21.9    |       |   |   | - |   |
| Total                                           |   |   | 7,261.2 |   |   |   | 7,117.2 |       |   |   | 144.1 |   |

----

| 2009                                           |   |
|------------------------------------------------|--------|
| Non derivativesfinancial liabilities |   | Carryingamount |   |   | Contractualcash flows |   |   | Less than 1year |   |   | 1-2 years |   |   | 2-5 years |   |   | More than5 years |   |
| Secured      bank loans                        |   |   | 139.5 |   |   |   | (38.6 | ) |   |   | (47.6 | ) |   |   | (38.8 | ) |   |   | (53.1 | ) |   |   | - |   |
| Unsecured      bank loans                      |   |   | 3,285.0 |   |   |   | (482.0 | ) |   |   | (728.8 | ) |   |   | (878.4 | ) |   |   | (1,471.0 | ) |   |   | (206.8 | ) |
| Debentures      and unsecured bond issues      |   |   | 3,456.1 |   |   |   | (873.9 | ) |   |   | (2.4 | ) |   |   | (998.3 | ) |   |   | (2,186.9 | ) |   |   | (268.3 | ) |
| Unsecured      other loans                     |   |   | 358.7 |   |   |   | (29.9 | ) |   |   | (14.3 | ) |   |   | (180.4 | ) |   |   | (62.0 | ) |   |   | (102.0 | ) |
| Finance      lease liabilities                 |   |   | 21.9 |   |   |   | (3.3 | ) |   |   | (7.9 | ) |   |   | (7.4 | ) |   |   | (6.6 | ) |   |   | - |   |
| Bank      overdraft                            |   |   | 18.6 |   |   |   | (18.6 | ) |   |   | (18.6 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Trade      and other payables                  |   |   | 6,180.5 |   |   |   | (6,180.5 | ) |   |   | (6,180.5 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Total                                          |   |   | 13,460.3 |   |   |   | (7,626.8 | ) |   |   | (7,000.1 | ) |   |   | (2,103.3 | ) |   |   | (3,779.8 | ) |   |   | (577.1 | ) |

| Derivativesfinancial liabilities        |   | Carryingamount |   |   | Contractualcash flows |   |   | Less than1 year |   |   | 1-2 years |   |   | 2-5 years |   |   | More than5 years |   |
|----------------------------------------------|--------|----------------|--------|--------|----------------------------|--------|--------|---------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|----------------------------|--------|
| Interest      rate derivatives               |   |           | 20.0   |   |                       |   | (57.0  | )                         |   |   | 2.4            |   |   |           | (66.2  | )      |                       |   | 3.3 |   |   |   | 3.5 |   |
| Foreign      exchange derivatives            |   |           | 467.0  |   |                       |   | 384.1  |                      |   |   | (76.1          | )      |   |           | 330.0  |   |                       |   | 130.2 |   |   |   | - |   |
| Interest      rate & FX derivatives |   |           | (338.0 | )      |                       |   | (510.0 | )                         |   |   | 2.0            |   |   |           | (287.7 | )      |                       |   | (224.3 | ) |   |   | - |   |
| Commodity      derivatives                   |   |           | 161.1  |   |                       |   | 157.3  |                      |   |   | 162.8          |   |   |           | (5.5   | )      |                       |   | - |   |   |   | - |   |
| Total                                        |   |           | 310.0  |   |                       |   | (25.6  | )                         |   |   | 91.1           |   |   |           | (29.4  | )      |                       |   | (90.8 | ) |   |   | 3.5 |   |

| 2008                                           |   |
|------------------------------------------------|--------|
| Non derivativesfinancial liabilities |   | Carryingamount |   |   | Contractualcash flows |   |   | Less than1 year |   |   | 1-2 years |   |   | 2-5 years |   |   | More than5 years |   |
| Secured      bank loans                        |   |   | 139.2 |   |   |   | (211.8 | ) |   |   | (66.7 | ) |   |   | (12.8 | ) |   |   | (132.3 | ) |   |   | - |   |
| Unsecured      bank loans                      |   |   | 5,374.3 |   |   |   | (6,397.9 | ) |   |   | (3,253.9 | ) |   |   | (506.9 | ) |   |   | (2,310.6 | ) |   |   | (326.5 | ) |
| Debentures      and unsecured bond issues      |   |   | 4,736.4 |   |   |   | (7,631.0 | ) |   |   | (1,636.9 | ) |   |   | (706.9 | ) |   |   | (4,844.5 | ) |   |   | (442.7 | ) |
| Unsecured      other loans                     |   |   | 368.9 |   |   |   | (505.6 | ) |   |   | (46.5 | ) |   |   | (92.0 | ) |   |   | (258.5 | ) |   |   | (108.6 | ) |
| Finance      lease liabilities                 |   |   | 39.0 |   |   |   | (48.8 | ) |   |   | (15.1 | ) |   |   | (17.9 | ) |   |   | (15.8 | ) |   |   | - |   |
| Bank      overdraft                            |   |   | 18.8 |   |   |   | (18.8 | ) |   |   | (18.8 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Trade      and other payables                  |   |   | 6,393.9 |   |   |   | (6,397.0 | ) |   |   | (5,770.6 | ) |   |   | (626.4 | ) |   |   | - |   |   |   | - |   |
| Total                                          |   |   | 17,070.5 |   |   |   | (21,210.9 | ) |   |   | (10,808.5 | ) |   |   | (1,962.9 | ) |   |   | (7,561.7 | ) |   |   | (877.8 | ) |

| Derivatives financial liabilities  |   | Carryingamount |   |   | Contractualcash flows |   |     | Less than1 year |   |   | 1-2 years |   |   | 2-5 years |   |   | More than5 years |   |
|----------------------------------------------|--------|----------------|--------|--------|----------------------------|--------|----------|---------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|----------------------------|--------|
| Interest rate derivatives          |   |           | 13.9   |   |                       |   | (52.8    | )                         |   |   | (10.1          | )      |   |           | 31.2   |   |                       |   | (41.5 | ) |   |   | (32.4 | ) |
| Foreign      exchange derivatives            |   |           | 569.3  |   |                       |   | 259.4    |                      |   |   | 130.8          |   |   |           | 73.6   |   |                       |   | 55.0 |   |   |   | - |   |
| Interest      rate & FX derivatives |   |           | 180.5  |   |                       |   | (1,447.6 | )                         |   |   | 21.2           |   |   |           | 5.8    |   |                       |   | (1,474.5 | ) |   |   | - |   |
| Commodity      derivatives                   |   |           | (346.8 | )      |                       |   | (299.5   | )                         |   |   | (296.2         | )      |   |           | (3.4   | )      |                       |   | - |   |   |   | - |   |
| Total                                        |   |           | 416.9  |   |                       |   | (1,540.5 | )                         |   |   | (154.3         | )      |   |           | 107.2  |   |                       |   | (1,461.0 | ) |   |   | (32.4 | ) |

----

| 2007                                                 |   |
|------------------------------------------------------|--------|
| Non derivativesfinancial liabilities  |   | Carryingamount |   |   | Contractualcash flows |   |   | Less than 1year |   |   | 1-2 years |   |   | 2-5 years |   |   | More than5 years |   |
| Secured      bank loans                              |   |   | 922.7 |   |   |   | (1,088.4 | ) |   |   | (253.7 | ) |   |   | (792.9 | ) |   |   | (41.8 | ) |   |   | - |   |
| Unsecured      bank loans                            |   |   | 3,776.2 |   |   |   | (4,306.1 | ) |   |   | (1,920.9 | ) |   |   | (748.5 | ) |   |   | (1,232.1 | ) |   |   | (404.6 | ) |
| Unsecured      bond issues                           |   |   | 4,682.8 |   |   |   | (6,592.5 | ) |   |   | (841.0 | ) |   |   | (1,744.6 | ) |   |   | (2,722.9 | ) |   |   | (1,284.1 | ) |
| Unsecured      other loans                           |   |   | 379.9 |   |   |   | (434.9 | ) |   |   | (64.2 | ) |   |   | (64.9 | ) |   |   | (212.7 | ) |   |   | (93.2 | ) |
| Finance      leasing liabilities                     |   |   | 39.3 |   |   |   | (46.2 | ) |   |   | (9.9 | ) |   |   | (5.9 | ) |   |   | (30.4 | ) |   |   | - |   |
| Bank      overdraft                                  |   |   | 67.3 |   |   |   | (67.3 | ) |   |   | (67.3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Trade      and other payables                        |   |   | 5,062.7 |   |   |   | (5,062.7 | ) |   |   | (4,397.2 | ) |   |   | (665.5 | ) |   |   | - |   |   |   | - |   |
| Total                                                |   |   | 14,930.9 |   |   |   | (17,598.1 | ) |   |   | (7,554.1 | ) |   |   | (4,022.3 | ) |   |   | (4,239.9 | ) |   |   | (1,781.9 | ) |

| Derivativesfinancial liabilities   |   | Carryingamount |   |   | Contractualcash flows |   |     | Less than1 year |   |   | 1-2 years |   |   | 2-5 years |   |   | More than5 years |   |
|----------------------------------------------|--------|----------------|--------|--------|----------------------------|--------|----------|---------------------------|--------|--------|----------------|--------|--------|----------------|--------|--------|----------------------------|--------|
| Interest      rate derivatives               |   |           | (139.6 | )      |                       |   | (96.9    | )                         |   |   | (5.3           | )      |   |           | (20.2  | )      |                       |   | (21.4 | ) |   |   | (50.0 | ) |
| Foreign      exchange derivatives            |   |           | (317.5 | )      |                       |   | 157.1    |                      |   |   | (23.4          | )      |   |           | 32.5   |   |                       |   | 148.1 |   |   |   | - |   |
| Interest      rate & FX derivatives |   |           | (227.2 | )      |                       |   | (1,736.8 | )                         |   |   | (666.0         | )      |   |           | (140.3 | )      |                       |   | (437.9 | ) |   |   | (492.7 | ) |
| Commodity      derivatives                   |   |           | (25.0  | )      |                       |   | (18.1    | )                         |   |   | (19.3          | )      |   |           | 1.2    |   |                       |   | - |   |   |   | - |   |
| Total                                        |   |           | (709.3 | )      |                       |   | (1,694.7 | )                         |   |   | (714.1         | )      |   |           | (126.8 | )      |                       |   | (311.2 | ) |   |   | (542.7 | ) |

----

|                      |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Less      than one year   |   |   | 43.8   |   |   |   | 48.6   |   |   |   | 45.9 |   |
| One      to five years    |   |   | 130.3  |   |   |   | 133.5  |   |   |   | 125.9 |   |
| More      than five years |   |   | 93.7   |   |   |   | 57.6   |   |   |   | 61.9 |   |
|                      |   |   | 267.8  |   |   |   | 239.7  |   |   |   | 233.8 |   |

|                                                                   |   | 2009   |   |   | 2008   |   |    | 2007   |   |
|------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
| Collateral      given for own liabilities                              |   |   | 574.7  |   |   |   | 731.3   |   |   |   | 613.9 |   |
| Contractual      commitments to purchase property, plant and equipment |   |   | 38.6   |   |   |   | 148.9   |   |   |   | 253.5 |   |
| Other      commitments                                                 |   |   | 181.9  |   |   |   | 128.3   |   |   |   | 4.6 |   |
|                                                                   |   |   | 795.2  |   |   |   | 1,008.5 |   |   |   | 872.0 |   |

| Less      than 01 year       |   |   | 35.6 |   |
|------------------------------|--------|--------|------|--------|
| Between      01 and 02 years |   |   | 3.0  |   |
|                         |   |   | 38.6 |   |

----

----

|                                    |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Short-term      Management benefits (i) |   |   | 41.6   |   |   |   | 16.0   |   |   |   | 13.3 |   |
| Share-based      payments (ii)          |   |   | 25.8   |   |   |   | 10.4   |   |   |   | 8.1 |   |
| Total      Key Management Remuneration  |   |   | 67.4   |   |   |   | 26.4   |   |   |   | 21.4 |   |

| (i) | These      correspond substantially to salaries and profit sharing (including      performance bonuses) |
|-----|---------------------------------------------------------------------------------------------------------|

| (ii) | These      correspond to the compensation cost of stock options granted to Management      members. |
|------|-----------------------------------------------------------------------------------------------------|

----

| In million of Reais    |   | 2009   |   |   | 2008   |   |
|--------------------------------------------|--------|--------|--------|--------|--------|--------|
| Non-current      assets                    |   |   | 131.7  |   |   |   | 157.1 |   |
| Current      assets                        |   |   | 95.2   |   |   |   | 130.7 |   |
| Non-current      liabilities               |   |   | 198.6  |   |   |   | 187.4 |   |
| Current      liabilities                   |   |   | 160.1  |   |   |   | 123.9 |   |
| Result      from operations                |   |   | 16.3   |   |   |   | 13.0 |   |
| Profit      attributable to equity holders |   |   | 23.6   |   |   |   | 1.6 |   |

----

| In million of      Reais  |   | 2009   |   |   | 2008   |   |   | 2007   |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Net      sales                 |   |   | 11.1   |   |   |   | 10.5   |   |   |   | (0.8 | ) |
| Current      assets            |   |   | -      |   |   |   | -      |   |   |   | 0.5 |   |
| Current      liabilities       |   |   | 65.5   |   |   |   | 30.3   |   |   |   | 6.0 |   |

----

| Thousand shares                                   |   |
|---------------------------------------------------|--------|
| Weighted average number of shares      (diluted): |   | Corrected |   |   | Previously disclosed |   |
| Preferred      – December 31, 2008          |   |   | 269,374 |   |   |   | 313,313 |   |
| Common      – December 31, 2008             |   |   | 344,906 |   |   |   | 350,859 |   |
|                                              |   |   |   |   |   |   |   |   |
| Preferred      – December 31, 2007          |   |   | 280,221 |   |   |   | 360,043 |   |
| Common      – December 31, 2007             |   |   | 344,576 |   |   |   | 357,546 |   |
|                                              |   |   |   |   |   |   |   |   |
| In Reais (R$)                                     |   |
| Diluted EPS:                                      |   | Corrected |   |   | Previously disclosed |   |
| Preferred      – December 31, 2008          |   |   | 8.78 |   |   |   | 8.10 |   |
| Common      – December 31, 2008             |   |   | 7.98 |   |   |   | 7.36 |   |
|                                              |   |   |   |   |   |   |   |   |
| Preferred      – December 31, 2007          |   |   | 8.43 |   |   |   | 7.30 |   |
| Common      – December 31, 2007             |   |   | 7.66 |   |   |   | 6.64 |   |
|                                              |   |   |   |   |   |   |   |   |
| In Reais (R$)                                     |   |
| Diluted EPS before special      items:            |   | Corrected |   |   | Previously disclosed |   |
| Preferred      – December 31, 2008          |   |   | 8.88 |   |   |   | 8.19 |   |
| Common      – December 31, 2008             |   |   | 8.07 |   |   |   | 7.44 |   |
|                                              |   |   |   |   |   |   |   |   |
| Preferred      – December 31, 2007          |   |   | 8.31 |   |   |   | 7.20 |   |
| Common      – December 31, 2007             |   |   | 7.55 |   |   |   | 6.54 |   |

| Argentina                                                                                                                                                        |   |                       |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
| CERVECERIA      Y MALTERIA QUILMES SAICA Y G - Av. Del Libertador 498, 26o andar - Buenos      Aires                                                        |   |                       | 99.6   | % |
|                                                                                                                                                             |   |                       |   |   |
| Bolivia                                                                                                                                                          |   |                       |   |   |
| CERVECERIA      BOLIVIANA NACIONAL S.A. - Av. Montes 400 e Rua Chuquisaca – La      Paz                                                                    |   |                       | 86.1   | % |
|                                                                                                                                                             |   |                       |   |   |
| Brazil                                                                                                                                                           |   |                       |   |   |
| COMPANHIA      DE BEBIDAS DAS AMÉRICAS - AMBEV - Rua Dr. Renato Paes de Barros, 1.017, 4o      andar, cj. 44 e 42 - Itaim Bibi, São Paulo.        |   | Consolidating Company |   |
|                                                                                                                                                             |   |                       |   |   |
| AMBEV      BRASIL BEBIDAS LTDA. - Avenida Antarctica, 1.891  Fazenda Santa      Úrsula  -  Jaguariúna – SP                        |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| AROSUCO      AROMAS E SUCOS LTDA. - Avenida Buriti, 5.385 Distrito Industrial -      Manaus – AM                                                      |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| EAGLE      DISTRIBUIDORA DE BEBIDAS S.A - Avenida Antarctica, 1.891  Fazenda      Santa Úrsula  -  Jaguariúna – SP                |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| FRATELLI      VITA BEBIDAS S.A. - Estrada do Engenho D'Água no 199-Fundos       Jacarepaguá – RJ                                       |   |                       | 99.5   | % |
|                                                                                                                                                             |   |                       |   |   |
| TAURUS      INVESTMENTS SPC - Queensgate House, South Church Street, P.O. Box 1234      George Town  Grand Cayman  Cayman Islands                      |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| Canada                                                                                                                                                           |   |                       |   |   |
| LABATT      BREWING COMPANY LIMITED - 207 Queen's Quay West, Suite 299 - M5J 1A7 –      Toronto                                                            |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| Dominican      Republic                                                                                                                                          |   |                       |   |   |
| COMPAÑÍA      CERVECERA AMBEV DOMINICANA- Av. San Martin, 279 - Apartado Postal 723 -      Santo Domingo                                               |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| Ecuador                                                                                                                                                          |   |                       |   |   |
| COMPAÑÍA      CERVECERA AMBEV ECUADOR - Km 14,5 - Via Daule, Av. Las Iguanas –      Guayaquil                                                    |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| Guatemala                                                                                                                                                        |   |                       |   |   |
| INDUSTRIAS      DEL ATLANTICO, SOCIEDADE ANÓNIMA - 43 Calle 1-10 Clzd. Aguilar Bartres      Zona 12, Edificio Mariposa, nível 4 - 01012 – Zacapa |   |                       | 50.0   | % |
|                                                                                                                                                             |   |                       |   |   |
| Paraguay                                                                                                                                                         |   |                       |   |   |
| CERVECERA      PARAGUAY S.A. - Ruta Villeta KM 30 – Ypané                                                                                             |   |                       | 87.2   | % |
|                                                                                                                                                             |   |                       |   |   |
| Peru                                                                                                                                                             |   |                       |   |   |
| COMPAÑÍA      CERVECERA AMBEV PERU S.A.C. - Av. Republica de Panama, 3659 San Isidro -      Lima 41 – Lima                                       |   |                       | 100.0  | % |
|                                                                                                                                                             |   |                       |   |   |
| Uruguay                                                                                                                                                          |   |                       |   |   |
| CERVECERIA      NACIONAL - Rambla Baltasar Brum, 2933 - 11800 – Payssandu                                                                                  |   |                       | 97.4   | % |
|                                                                                                                                                             |   |                       |   |   |
| Venezuela                                                                                                                                                        |   |                       |   |   |
| COMPAÑÍA      BRAHMA VENEZUELA, S.A. - Av. El Centro, Torre Mega IV, Piso 9 –      Caracas                                                       |   |                       | 51.0   | % |

----

| ITEM 18. | FINANCIAL      STATEMENTS |
|---------------|---------------------------|

----

| ITEM 19 | EXHIBITS |
|--------------|----------|

|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1             | Bylaws      of Companhia de Bebidas das Américas - AmBev (English-language      translation) (incorporated by reference to the Company’s filing on Form      6-K filed by AmBev on April 29, 2009)                                                                                                                                                                                                                                                                                                                                                                                                      |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 1.2             | Minutes      of the Extraordinary Shareholders’ Meeting held on May 18, 2004      (incorporated by reference to Form 6-K filed by AmBev on May 20,      2004).                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.1             | Indenture      dated December 19, 2001 between CBB and The Bank of New York as Trustee      (incorporated by reference to Exhibit 4.1 to Form F-4 filed by AmBev on      August 29, 2002).                                                                                                                                                                                                                                                                                                                                                                                                                              |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.2             | Form      of Note (contained in Exhibit 2.1).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.3             | Insurance      Policy for Expropriation and Currency Inconvertibility dated December 19,      2001 between Steadfast Insurance Company and The Bank of New York      (incorporated by reference to Exhibit 4.5 to Form F-4 filed by AmBev on      August 29, 2002).                                                                                                                                                                                                                                                                                                                                                     |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.4             | Agreement      Regarding the Insurance Policy for Expropriation and Currency      Inconvertibility dated December 19, 2001 among Steadfast Insurance      Company, The Bank of New York, AmBev and CBB (incorporated by reference to      Exhibit 4.6 to Form F-4 filed by AmBev on August 29,  2002).                                                                                                                                                                                                                                                                                                                  |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.5             | Indenture      dated September 18, 2003 between CBB and The Bank of New York as Trustee      (incorporated by reference to Exhibit 2.1 to Form 20-F filed by AmBev on      June 30, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                              |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.6             | Form      of Note (contained in Exhibit 2.5).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.7             | Agreement      Regarding the Insurance Policy for Expropriation and Currency      Inconvertibility by the Trustee, AmBev, CBB and the Insurer, dated      September 18, 2003 (incorporated by reference to Exhibit 2.5 to Form 20-F      filed by AmBev on June 30, 2004).                                                                                                                                                                                                                                                                                                                                              |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 2.8             | Application      for Political Risk Insurance for Capital Markets Transactions, executed by      the Trustee (incorporated by reference to Exhibit 2.6 to Form 20-F filed      by AmBev on June 30, 2004).                                                                                                                                                                                                                                                                                                                                                                                                              |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 3.1             | Amendment      to the Shareholders’ Agreement of Companhia de Bebidas das Américas -      AmBev dated as of March 2, 2004 among FAHZ, Braco, ECAP, AmBev, Jorge      Paulo Lemann, Marcel Herrmann Telles, and Carlos Alberto da Veiga Sicupira      (English-language translation) (incorporated by reference to Exhibit 2.16      to Amendment No. 9 to Schedule 13D relating to Quinsa, filed by AmBev on      March 9, 2004).                                                                                                                                                                            |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 3.2             | Incorporação Agreement      dated March 3, 2004 (incorporated by reference to Exhibit 2.13 to      Amendment No. 9 to Schedule 13D relating to Quinsa, filed by AmBev on      March 9, 2004).                                                                                                                                                                                                                                                                                                                                                                                                                 |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 3.3             | Shareholders’      Voting Rights Agreement of S-Braco Participações S.A. dated as of August      30, 2002 among Santa Judith, Santa Irene, Santa Estela and Santa Prudência      Participações S.A., with Jorge Paulo Lemann, Carlos Alberto da Veiga      Sicupira and Marcel Herrmann Telles as intervening parties, and S-Braco,      Braco, ECAP and AmBev as acknowledging parties (English-language      translation) (incorporated by reference to Exhibit C to Amendment No. 2 to      Schedule 13D relating to AmBev, filed by FAHZ, Braco and ECAP on November      29, 2002). |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.1   | Termination      of the Letter Agreement, dated June 22, 2004, between Labatt Holding, B.V.      and Interbrew International, B.V. (incorporated by reference to Exhibit      4.15 to Form 20-F filed by the Company on July 1,2005).                                                                                                                                                                                                                                                                                                                                                                                   |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.2   | Letter      from InBev to AmBev and Labatt, relating to Labatt Tax Reassessment, dated      March 4, 2005 (incorporated by reference to Exhibit 4.16 to Form 20-F      filed by the Company on July 1, 2005).                                                                                                                                                                                                                                                                                                                                                                                                           |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.3   | Confirmation      of Intellectual Property and Hedging Arrangements, dated August 27, 2004,      to AmBev and Labatt from Interbrew S.A. (incorporated by reference to      Exhibit 4.17 to Form 20-F filed by the Company on July 1,      2005).                                                                                                                                                                                                                                                                                                                                                                       |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.4   | Executed      Letter Agreement dated July 22, 2004, to AmBev from Interbrew regarding      the provision of certain information relating to each business and its      affiliates (incorporated by reference to Exhibit 4.18 to Form 20-F filed      by the Company on July 1, 2005).                                                                                                                                                                                                                                                                                                                                   |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 4.5   | Labatt      Services Agreement, dated August 27, 2004, between Labatt Brewing and      Interbrew S.A. regarding services until December 31, 2004 (incorporated by      reference to Exhibit 4.19 to Form 20-F filed by the Company on July 1,      2005).                                                                                                                                                                                                                                                                                                                                                               |

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| 4.6   | Labatt      Services Agreement, dated August 27, 2004, between Interbrew S.A. and      Labatt Brewing regarding services until December 31, 2004 (incorporated by      reference to Exhibit 4.20 to Form 20-F filed by the Company on July 1,      2005). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |                                                                                                                                                                                                                                                      |
| 4.7   | Transfer      Agreement, dated August 2004, among Interbrew S.A., Interbrew      International, AmBev and Jalua Spain S.L. (incorporated by reference to      Exhibit 4.21 to Form 20-F filed by the Company on July 1,      2005)                        |
|            |                                                                                                                                                                                                                                                      |
| 4.8   | License      Agreement, dated March 21, 2005, between AmBev and InBev (incorporated by      reference to Exhibit 4.22 to Form 20-F filed by the Company on July 1,      2005).                                                                            |
|            |                                                                                                                                                                                                                                                      |
| 4.9             | Announcement      of commencement of the Public Offer of non-share convertible and      subordinated debentures, dated August 3, 2006 (incorporated by reference      to Exhibit 4.11 to Form 20-F filed by the Company on July 09,      2007).           |
|            |                                                                                                                                                                                                                                                      |
| 4.10            | Announcement      of termination of the Public Offer of non-share convertible and      subordinated debentures, dated August 7, 2006 (incorporated by reference      to Exhibit 4.12 to Form 20-F filed by the Company on July 09,      2007).            |
|            |                                                                                                                                                                                                                                                      |
| 8.1   | List      of Material Subsidiaries of Companhia de Bebidas das Américas -      AmBev.                                                                                                                                                                |
|            |                                                                                                                                                                                                                                                      |
| 11.1            | Code      of Business Conduct (English-language version) (formerly Code of Ethics)      dated December 11, 2006 (incorporated by reference to Exhibit 11.1 to Form      20-F filed by the Company on July 09, 2007).                                      |
|            |                                                                                                                                                                                                                                                      |
| 12.1            | Principal      Executive Officer Certification pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                            |
|            |                                                                                                                                                                                                                                                      |
| 12.2            | Principal      Financial Officer Certification pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                            |
|            |                                                                                                                                                                                                                                                      |
| 13.1            | Principal      Executive Officer Certification pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                            |
|            |                                                                                                                                                                                                                                                      |
| 13.2            | Principal      Financial Officer Certification pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                            |
|            |                                                                                                                                                                                                                                                      |
| 16F             | Auditors’      Letter Regarding Change in Auditor                                                                                                                                                                                                   |

| COMPANHIA      DE BEBIDAS DASAMÉRICAS -      AMBEV |
|--------------------------------------------------------------|
|                                                         |   |
| By:                                                          | /s/ João Mauricio Giffoni de Castro      Neves |
| Name:                                                        | João      Mauricio Giffoni de Castro Neves |
| Title:                                                       | Chief      Executive Officer |
|                                                         |   |
| By:                                                          | /s/ Nelson José Jamel |
| Name:                                                        | Nelson      José Jamel |
| Title:                                                       | Chief      Financial Officer |

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